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B&CE, provider of The People’s Pension, has joined forces with retirement specialists LV= to offer an online planning service to members approaching retirement.
From next month, the 2.3 million members of The People’s Pension and the historic construction industry scheme EasyBuild will now have the option to make use of the innovative and easy to use online solution if they don’t want to seek traditional financial advice.
Members will be able to access a free guidance report setting out four possible uses for their pot and how long it could last, and a personalised online retirement advice service costing just £49. They will still be signposted to traditional advice routes first, but the online tool will help fill the advice gap for those who don’t want to use them.
The new service launches in the wake of new YouGov research for The People’s Pension which found that only one in five of the general public (18%) currently use a financial adviser. Nearly three in ten (30%) who have a pension would prefer to use online tools for financial advice than speak to a financial adviser.
The survey also found that over half (53%) with a pension would use a free online retirement planning tool to help them decide what to do with their pension savings, while a quarter (25%) said they would pay a reasonable fee to use an online retirement planning advice service from a financial services company.
Roy Porter, Director of Business Development for The People’s Pension, said:
“We know advisers play a really important role in helping people make decisions about their individual circumstances at retirement if members choose to engage with them, so we’ll continue to promote traditional options with our members when they contact us at retirement as well as the online service.
“Our research suggests that a lot of people are not taking advice at the moment. Whether that’s because of cost, lack of awareness or fear, it’s creating a big guidance and advice gap which needs to be filled.
“That’s why we’re really excited to be working with LV= to launch these new options for our members. The free guidance report should help savers assess their options, and at just £49 for detailed online retirement advice, this brings an additional affordable choice for our members to help them obtain a good outcome from their retirement savings.”
John Perks, Managing Director of Retirement Solutions at LV= said:
“We’ve found that nearly half a million people retire each year without taking advice, meaning they could be losing out. At present there is a lack of affordable, accessible, quality advice but LV= has been at the forefront of finding innovative ways to make it easier for people to take advice.
“LV= is delighted to be working with The People’s Pension to offer their members a convenient, affordable solution and help make regulated advice more accessible, even for those with smaller pots.”
Details about YouGov research
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2080 adults, of which 1359 have a pension. Fieldwork was undertaken between 5 – 8 February 2016. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Read the full You Gov research report (pdf).
B&CE is a not-for-profit organisation – we operate for the benefit of our members and their dependants. We were founded in the construction industry back in 1942. Now we offer a workplace pension, employee accident cover, employee life cover and employee healthcare.
We currently manage assets of over £2.6 billion, with more than three million members and over 18,500 corporate accounts.
For over 30 years, B&CE has provided workplace pensions to employers large and small. We’ve operated ways to automatically enrol employees into pension saving for over ten years.
In November 2011 we announced The People’s Pension, our flexible solution to help employers to comply with their automatic enrolment duties. It’s designed for people rather than profit and is suitable for any organisation in any sector.
The People’s Pension has won us a number of awards, including the Defaqto 5 Star Rating for auto-enrolment in 2017 and DC Provider of the Year at the UK Pensions Awards in 2014.
LV= employs over 6,000 people and serves over 5.7 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.
When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF