Sessional Research Event: How can the IFoA help Individuals make better Retirement Choices?

Monday 24 April 2017 17:00 - 19:00

The ‘Rationale in Retirement Behaviour Working Party’, sponsored by the Pensions Board, has created an interactive tool which aims to help individuals to make more informed retirement income decisions. To understand how consumers would utilise this tool, the working party engaged market research company, Ipsos MORI, on consumer reaction to the tool and its concepts. The tool will be made available on an open source basis for others to take the intellectual input from the working party and develop further. Please come along and hear about their ‘retirement journey’ as the working party is keen to improve the retirement outcomes of those who may not be able to afford financial advice in the UK.

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Overview

The working party was established in 2014 and initially built a model to assess a series of retirement income decisions and see the potential implications this could have on individual’s retirement. This model was presented and tested with our members via the IFoA conferences numerous times. We also met with a number of stakeholders (TPAS, FCA and Pension Wise) to ascertain whether there was interest in the development of this tool to aid financial education.

Owing to the support from both IFoA members and external organisations, the working party was granted IFoA funding to complete a consumer research phase in partnership with Ipsos Mori. Following this consumer research, the model has been completely re-developed, with a user interface added, to provide a tool which targets individuals who may not be able to afford financial advice and are more likely to be reliant on free sources of information. We are now currently in negotiation with the IFoA and a key external partner to look to launch this tool online later this year.