Key objectives:

With the interest from companies in using robotics and artificial intelligence in developing tools for providing financial advice, as well as the upcoming release of the Pensions Dashboard, there is a risk that advice is given to individuals without sufficient scrutiny as to how the advice benefits the individual, in terms of both understanding their current position and actions that they might want to take.

Tools may become more complex than is necessary or not take full regard to an individual’s circumstances which cannot easily be parameterised within the tools.

This is particularly relevant to the increasing number of individuals who rely on Defined Contribution arrangements for the majority of their retirement income, and the complexity and number of options available to them following pension freedoms.

Outputs:

A research paper on the current usage of the tools used to provide advice, guidance and financial education, including expectations of how such tools linked to ‘robo-advice’ and the Pensions Dashboard might be used in the future.

Guidance as to how these tools should be created, parameterised and used to ensure individuals get true value from the advice, guidance and financial education that comes from these.

Terms of Reference

           Chair                      Sharon Rea                
Membership          8
Established        2017

Related documents

Contact Details

For more information about Pensions working parties contact the Communities Team.

professional.communities@actuaries.org.uk

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