Standard Life has recruited Gogglebox stars Steph and Dom Parker to front a new campaign aimed at increasing awareness of important changes to the way people take their pensions.
The campaign includes a short film called The Next Round with Steph and Dom and drops the usual dry and often confusing language of financial services in favour of easy to understand, clear advice and information.
Under the Government’s changes, people will be able to take the full value of their pension as soon as they retire.
This means instead of getting a regular monthly payment, retirees will be free to spend their money on, for example, a new car, renovations to their home or that dream holiday.
If someone prefers to take a monthly payment they’ll still be free to do so.
In both cases, pension holders will need to make sure they plan for the longterm and have enough income for life.
The changes come into effect next April and are some of the biggest and most controversial reforms to pensions in the UK in a generation – some fear the ability to grab all the cash in one go will lead people to make irresponsible decisions, while others say adults should be free to spend their cash how and when they want.
But despite acres of coverage and vast amounts of debate, a recent poll revealed that a quarter of 50-65 year olds are unaware of the changes and more that two-thirds (78%) don’t know what they mean for them.
This risks people arriving at their retirement date without having planned whether to go for monthly payment option or take the lot upfront.
In the video below Steph and Dom talk to real people about their plans and the new impact of the new rules:
Article sponsored by Standard Life.