Savanta ComRes worked with the Money Advice Service and the Association of British Insurers to simplify the array of complex and often confusing terms used in relation to pensions. Specifically, this research focussed on the new pension freedoms introduced in April 2015 and sought to develop a clear, consistent Language Guide that will ensure organisations in the sector use terms that are accessible to all members of the British public. Through a series of twelve discussion groups and twenty-four face-to-face depth interviews across the UK with individuals still many years away from retirement (long-term planners) and those within just a few months to this milestone (short-term planners), Savanta ComRes developed a sophisticated understanding of levels of engagement with pensions issues across the population. The research has highlighted important differences by age group, level of financial sophistication and proximity to retirement. Specifically, this research has clearly identified terms to avoid, terms to use and terms that require further explanation in future communications about pensions freedoms, as well as effective messages regarding each option more broadly. These are summarised in the Money Advice Service Retirement Language Report for circulation around the industry and a short video shown to the ABI’s Pensions Language Steering Group.
The final public report can be accessed here.