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Consumers to Raid their own Pensions?
UK consumers agree with the main provisions of the recent Treasury Select Committee Report on pensions, including a belief that people should be able to access their pension savings during periods of unemployment or illness, according to a joint investigation by Brahm Research and Cicero Consulting.
The research looked at some of the key conclusions of the recent Treasury Select Committee Report: Restoring Confidence in Long Term Savings, and showed strong support for many of them. The Treasury's own response to the report is due in a few weeks.
Among the key findings:- 84% of people in Britain agree that a simple risk indicator would help investors with their investment decisions
- almost two-thirds (63%) believe that people should be able to access their pension savings during periods of unemployment or illness
- a majority (57%) think that management fees charged by providers should be linked to investment performance.
Iain Anderson, Director and Chief Corporate Counsel at Cicero Consulting, which specialises in financial services policy issues, says the research tells policymakers that 'clearer information and fees linked to investment performance are very important to consumers. It appears MPs are in tune with much consumer thinking'.
According to Brahm Director Robin Horsfield, 'The fact that people want to access their pension during times of unemployment or illness shows that attitudes towards pensions are changing - a pension is no longer viewed solely as savings for retirement. This is an important opportunity for policymakers to start to address pensions policy in earnest before the next General Election'.
1,000 UK consumers were interviewed in September 2004 using CATI (computer-assisted telephone interviewing). More information and a copy of the research report are available via www.cicero-europe.com and www.brahm.com . A copy of the Treasury Select Committee report can be viewed at:
www.publications.parliament.uk/pa/cm200304/cmselect/cmtreasy/71/7102.htm
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