This cohort is likely to be more aware of retirement decisions and can therefore be given more direct messages about their savings, the products available to them and the choices they will need to make.
They are also eligible for free guidance from the Money and Pensions Service and should be encouraged to use this service. It is also likely in future that this cohort will be able to benefit from a Mid-Life MOT provided by their employer which should raise their financial capability. In addition to this, as a result of the FCA’s Retirement Outcomes Review, people in this age group will receive one page ‘wake up packs’ that will give them a clear call to action.
Purpose of communication
- Encourage consumers to actively start planning for retirement and rectifying any savings shortfall.
- Introduce the products that they will shortly make a choice between.
- Prompt consumers to use guidance as a norm.
- Encourage consumers to book a guidance session soon after their 50th birthday.
Examples of key messages
“We recommend you talk to the Money and Pensions Service, you are entitled to an appointment with them and they can help you make sense of retirement.”
“From age 55 you will be able to access your pension, but that doesn’t mean you should. This money has to last a lifetime.”
“You have a lot of choices in how to use your retirement savings: guaranteed income for life, flexible access, and partial withdrawals are all options.”