News

Dunstan Thomas launches ‘Preparing for Freedom Day’ Guide

19 December 2014

34-page free downloadable guide includes detailed guidance for providers based on unique market research-backed insights.

In the run-up to Freedom Day on 6th April 2015, when far-reaching pension freedoms go live, the retirement solutions specialist, Dunstan Thomas, has published a free 34-page business guide detailing the challenges and opportunities presented by the most significant shake-up in the pensions market in a generation.

Dunstan Thomas’ ‘Preparing for Freedom Day’ Business Guide summarises industry reaction to the pending changes. It also considers how pensions illustrations will have to change if they are to meet consumer needs in the new world in which there will be far more options available at-retirement.

Included in the guide is an extensive market study of retirement product providers. The report finds some firms struggling to cope with urgent requirements for both significant product innovation while finding administrative efficiencies. Providers will also need to improve their communications with customers and deliver lower and more transparent charging models in the post Freedom-Day world.

An extensive report based on a survey of more than 9,300 IFAs looks at how they have coped with RDR nearly two years on. It also looks at their prospects as they approach F-Day in a few months’ time.

Two further sections of the guide look at the changing face of pensions illustrations and their inherent complexity; some of which must now be detailed in required documentation including SMPIs and KFIs. Meeting the challenges posed by this increased complexity won’t be easy but it will be essential for market participants.
Innovative solutions which deliver online and increasingly interactive illustrations, could become indispensable tools in delivering better customer engagement. This process should be starting several years before retirement age and then continue right through a phased retirement.

Chris Read, chief executive of Dunstan Thomas, summarised: “The government of whichever hue after the next General Election will, we predict, continue to act boldly to ensure people are getting a fairer and more flexible deal in-retirement. Turning back the clock is simply not an option.

“The successful organisations post-Freedom Day will be those that can help consumers use their new-found pension freedoms prudently enough to build their retirement savings to the required level, without taking too much risk in so doing. It also becomes more important than ever to plan well enough to ensure hard-earned retirement savings do not run out too early. A new breed of online tools and illustrations will need to support crucial choices at both accumulation and decumulation.”

The Dunstan Thomas ‘Preparing for Freedom Day’ Business Guide can be downloaded free from Dunstan Thomas’ website by going to: http://www.dthomas.co.uk/content/fs/brochures.shtml

Hard copies are available on request, please send me, Chris Read, an email requesting your copy.



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