Skip to main content
  • Register
  • Help
  • Contact us
  • Log out of your HL account

Communicating pension changes and the NAO report on the DWP

Tom McPhail | 3 November 2016 | A A A

You’re about to read press releases, which we’ve written for media use only. They’re not intended for individual investors. They’re not personal advice and don’t include any recommendations.

No recommendation

You’re about to read press releases, which we’ve written for media use only. They’re not intended for individual investors. They’re not personal advice and don’t include any recommendations.

Media contact:

Tom McPhail

Head of retirement policy

Direct Line: 0117 988 9949

Mobile: 07957273627

E-mail: tom.mcphail@hl.co.uk

The National Audit Office issued a report yesterday on the DWP’s implementation of the new state pension, you can find it here.

The report is largely positive about the implementation of the reformed state pension, whilst acknowledging that in making scheduling trade-offs, the Department has foregone significant operational savings which it would otherwise have accrued. However the report also highlights that a key objective of the reforms is to deliver a simpler foundation state retirement income on which individuals could build their private savings, and on this communication challenge the Department has enjoyed only limited success. In April 2016 Just 25% of working age people knew how the changes to the state pension would affect them and 18% knew what their state pension is likely to be.

Tom McPhail, Head of retirement policy, Hargreaves Lansdown:

"If individuals can’t afford to retire in the years to come, it will mean the policies have failed. The Basic state pension isn’t enough for most people to live on so they need private savings too. Currently many millions aren’t saving enough for retirement and neither the new state pension nor the auto-enrolment programme will change this on their own. Good communication and engagement is vital to help individuals plan for their retirement. This is something which the government and the pensions industry alike have to deliver if we are to help individuals take responsibility for their own futures."

NOTES TO EDITORS

Globelynx and ISDN ready

Hargreaves Lansdown is equipped with a live in-house broadcast camera via the Globelynx network and has an ISDN line available for radio interviews - 0117 934 9006. To arrange an interview with a Hargreaves Lansdown spokesperson please contact the person you wish to speak to directly using the contact details above, or call Globelynx on 0207 963 7060 or email globelynx@globelynx.com.


You’re about to read press releases, which we’ve written for media use only. They’re not intended for individual investors. They’re not personal advice and don’t include any recommendations.