At-retirement financial advice in the workplace report
The report draws heavily on new qualitative research conducted by Bdifferent exploring employer’ reactions to two new initiatives that Her Majesty’s Treasury is considering:
- Increasing the tax exemption around employer-arranged pensions advice from £150 to £500.
- Introducing a Pensions Advice Allowance which allows DC savers to withdraw up to £500 from their DC pension funds without incurring a tax penalty, provided that this amount is used to purchase pre-retirement advice.
This research provides an overview of some of the options with the aim of stimulating discussion around these, rather than providing any quantitative analysis of the likely outcomes of each option. Further investigation would be required to evaluate each option in order to assess the potential outcomes from these.
The report is sponsored by LV=. Sponsorship has been given to help fund research, and does not necessarily imply agreement with, or support for, the analysis or findings from the project.
Chapter one provides an overview of levels of provision of financial advice by employers, and explores specific examples of employerprovided financial advice and education.
Chapter two shares the findings of new qualitative research with employers, which explores, in depth, their attitudes towards the provision of financial advice in the workplace.
Chapter three discusses the implications of these findings in terms of the provision of financial advice.
To download the report, please click here.
To download the executive summary, please click here.
To download the press release, please click here.
To download a write up of the roundtable, please click here.
Keywords: LV, financial education, education, public sector, IFA, Independent Financial Adviser, organisations, SME, guidance, at-retirement, HMT, financial advice, retirement, workplace, allowance, advice, LV=, provision, employers, expectations, attitudes, qualitative, interviews, tax,