Delivering better retirement outcomes. for pension scheme members

Transcription

1 Delivering better retirement outcomes for pension scheme members

2 Contents Welcome to ASPIRE to retire 3 Benefits to you 4 Meeting your regulatory requirements 5 Early engagement 6 Our self-select process 6 Our advised service 7 A modular approach 7 About ASPIRE to retire How to contact us Back page Back page 2

3 Welcome to ASPIRE to retire ASPIRE to retire offers a high quality service to Employers and Trustees wishing to provide dedicated At Retirement solutions to their pension scheme members. Our service is focused on information, guidance and advice. It is designed to deliver improved member outcomes, abide by the principles of Treating Customers Fairly and enable Employers and Trustees to meet their regulatory obligations. To find out more about any of the issues covered in this brochure, contact us on: * info@aspiretoretire.co.uk *Calls charged at the standard local rate Our services are broad and comprehensive. We offer: Full assistance to enable Employers and Trustees to meet their regulatory responsibilities. Market leading innovative technology with online tools, guidance and a breadth of information relevant to life in retirement. Crucial education and communication in the years leading up to retirement to help with planning. Self-Select and/or Advice based services. Essential support and guidance with Open Market Option decisions. Expertise in the area of Enhanced and Impaired annuities. Design and implementation of bespoke income solutions throughout retired life. Dedicated telephone specialists on hand to answer questions as they arise. By letting us guide your members through this important life stage, you can be reassured that your pension scheme members are benefiting from the best retirement outcomes, whilst you meet your regulatory requirements. 3

4 Benefits to you The number of people reaching retirement age is expected to increase significantly over the coming years. The post war baby boom generation are now drawing their pensions and improved healthcare means people are living for far longer. Retirement income solutions have evolved rapidly to meet the changing needs of this market and are offering much greater flexibility and innovation. However, this means there is greater complexity for those who want to secure the best pension income a key decision which is often irreversible. As an Employer or Trustee, you have the regulatory responsibility to provide your members with sufficient information and guidance so they are fully aware of their retirement options. The Open Market Option is under used, with most people taking the rate offered by their current pension provider and many are unaware of Impaired and Enhanced Annuities, which can offer a greater income for those with certain health and/or lifestyle considerations. This could mean your scheme members may defer their retirement because they do not understand the benefits they are entitled to. This can make employee succession planning for businesses very difficult to achieve. ASPIRE to retire has designed its service proposition around the following forms of regulation: The ABI Code of Conduct on Retirement Choices The Pensions Regulator (TPR) Trust Based Schemes Financial Conduct Authority (FCA) Contract Based Schemes Retail Distribution Review (RDR) By providing members with access to a professional annuity service, we ensure your members are fully aware of the options available to them. Many will find that the consolidation of pension funds and access to Enhanced or Impaired Annuities can provide much better outcomes and could allow them to retire sooner. You will be safe in the knowledge that your members are receiving the best possible service for their needs and you meet your regulatory requirements. 4

5 The path to a better retirement Meeting your regulatory requirements As an Employer or Trustee, you need to ensure that your pension scheme encompasses the key principles of design and governance, to deliver good outcomes for your member s retirement benefits. Our service Regulation check list iaspire Innovative market leading technology iaspire platform enables members to review and plan their lifestyle and financial position in retirement Easy view dashboards Online modeling tools Blended solution tool Simple navigation provides simple access to all information Communications fair, clear and not misleading Members understand retirement process and decisions they need to make Early communications We recommend that members are engaged at least five years prior to retirement date Regular electronic updates on approach to retirement Communications that engage and inform the member Members to have information at an early stage Members are able to make informed decisions about their retirement savings Whole of market expertise* Whole of market annuity broking service available Members advised on use of Open Market Option Expertise in Enhanced and Impaired annuities Members to shop around for most appropriate benefit shape and product Takes account of all members situations *In some circumstances ASPIRE to retire reserve the right to operate a panel of providers. Full details of this are available on request. 5

6 Early engagement Many people only begin to consider their retirement options around six months before their actual retirement date and with 42%* not having heard of the Open Market Option, it is no surprise that many make poor decisions. We believe that communication and education on retirement options should begin at least five years prior to their actual retirement date, covering both the lifestyle and emotional aspects of this major event. Our online iaspire pre-retirement portal provides comprehensive information on what being retired actually means. The profile builder within the portal enables people to plan and design their retirement and assess exactly how much income they need and the best way to achieve it. By providing this information and guidance through an online facility we deliver solutions that satisfy Employer and Trustee responsibility and educate and inform pension scheme members. *Source: MGM Advantage, Rethinking retirement Retirement Nation, 2012 Our self-select process For those members with smaller funds or less complex needs, our self-select service offers the tools and information needed for members to make informed retirement decisions, backed by dedicated telephone based support. Using online functionality we provide appropriate information to enable members to make informed choices about their annuity type and shape. Our five stage service and communication programme has been specifically designed to complement the regulatory agenda associated with the Association of British Insurers, The Pensions Regulator and the Financial Conduct Authority. Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Once referred to ASPIRE to retire, the member is directed to one of our telephone specialists who will become their dedicated contact. Our high quality retirement pack is issued, containing information on retirement options and choices as well as indicative illustrations. Our telephone specialist will contact the member to answer any questions and ensure the member understands their options, so that they can make fully informed decisions. The member returns their completed forms. A live guaranteed quote is generated and issued with a confirmation letter that summarises the selections made. This is followed by full implementation of options selected. 6

7 The path to a better retirement Our advised service For more complex retirement solutions, our team of fully qualified Chartered Financial Planners can provide telephone based or face to face advice to members, to ensure they have a better understanding of the range of options available. We utilise our experience and knowledge to really understand your member s personal circumstances and objectives to create a tailor made solution for them. A modular approach Our proposition is modular based and can be tailored to suit your objectives and complement your existing arrangements or future requirements. For example: Module 1 Module 2 Module 3 Access to iaspire pre-retirement portal Access under license to our unique communication programme for the transition to retirement Whole of market broking desk with full Electronic Common Quotation Form functionality Full portal access plus telephone based support on a non-advised basis Full telephone helpdesk Access to ASPIRE market insight Access to specialised advice covering all annuity and drawdown options and our portfolio solutions to income in retirement Telephone and face to face advice from fully qualified advisers Contact us to find out how we can help you deliver better retirement outcomes to your pension scheme members and meet your regulatory obligations. 7

8 About ASPIRE to retire ASPIRE to retire was created to bring a new high quality customer-focused experience to the market place. We combine the benefits of information and guidance to the over 50 s in how to plan for retirement, make the right choices with the Open Market Option and provide bespoke income solutions. ASPIRE to retire provides a variety of services ranging from self-select annuities, non-advised guidance and full advice. How to contact us For more information about any of the services outlined, please contact us on: I info@aspiretoretire.co.uk Calls charged at the standard local rate Visit our website at: Kent Enterprise House, The Links, Herne Bay, Kent CT6 7GQ Other Punter Southall Group businesses include: Actuarial consulting; Pension scheme administration; DC consulting; Health & protection; Investment consulting; International consulting Wealth managers At-retirement consulting Independent financial advisers Investment information, reporting & analytics Corporate pensions advice and actuarial services in transactions Independent pension scheme trustee services ASPIRE to retire is a division of PSFM Limited and is authorised and regulated by the Financial Conduct Authority. Part of the Punter Southall Group. Copyright PSFM Limited