Ignition House

Ignition House proud to be part of the process providing a strong evidence base for action on simpler annual pension statements, hopefully the industry will now fully support this important initiative going forward. @RustonSmith1 @TheFCA @ThePLSA @dwppressoffice

Hey @sagainsurance do you think it is acceptable for you to leave a 90 year old man with medical conditions in a fire damaged house for 6 months with no remedial action? No- then please sort it . #vulnerablecustomer

The 11 year old nailed it this morning. “Mummy, the Tories are just like flat earthers. “

Five years who we identified seven pension personalities based on decision making behaviours under the new freedoms. Find out how Spend it Simon and Sally, Winding Down William and Wendy, and the rest of the gang have been getting on. thepeoplespension.co.uk/medi…

Data from the Financial Lives survey says it all really. Engagement was pretty poor in 2017 and has not improved in 2020. Individual efforts are making a difference at the margin but it’s just not enough

Three in five (69%) DC member who are not aware that charges are incurred do not know how to find out what charges they might be paying. More transparency desperately needed.

We've been busy over the last few months helping the FCA with their latest Financial Lives report. fca.org.uk/publication/resea… Latest data shows two in three (67%) DC members are still not aware of any charges incurred - let alone how much these charges are.

We’ve been banging on about this for a few years now. Hopefully some research is in the pipeline with Coventry Uni next year🤞

Totally agree. Event 2 weeks ago - 100+ industry c suite execs asked if members were capable of making decisions themselves. Not one hand went up .

Reading a paper by Chris Wagstaff and found this lunchtime gem - the amount saved during one’s working life is only 10% of the stream of income paid out during retirement. Investment growth pre-retirement accounts for 30%. 60% is dependent on investment growth in retirement. Wow!

Pattern recognition is hugely important , especially for the most vulnerable , least capable , least engaged member. Keep it simple, focus on the key messages and make it consist across all providers.

Members think current statements are boring, long, difficult, dull and jargon filled. No wonder 43% of them have not even bothered to read one in the last 12 months.

Our research with over 1,000 members shows just 14 per cent of members currently read and understand their statements well. We must do better.

Heading off to the #Aimseannual this afternoon, looking forward to sharing the 'voice of the member' research with the audience.😁

Very much looking forward to it!