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DC STREAM. The Guidance Guarantee. How, what, when and how much? Speakers Maggie Craig Warburtons and DC Council Member.

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(1)

Sponsored by: Media partner:

DC STREAM

Speakers

Maggie Craig FCA

Anne Hunt Warburtons and DC Council Member

Chair

Jerry Gandhi DC Council Member

The ‘Guidance Guarantee’. How, what, when and how much?

Live voting session

(2)

46% 51%

3%

1. To what extent are you ready to manage your obligations in 

the new post Guidance Guarantee regime?

1.  Already planning to improve support  to members in addition to any new

requirements

2.  Will wait to see before we plan how we support in addition to any new

requirements

3.  Will only do what is required

Live

 

voting

 

– final

 

results

(3)

53% 23%

24%

2. How much will you plan (or be prepared) to spend to 

support members with guidance when the new flexibility is 

available (leading up to or at retirement)?

1. We will only do what we are required to do

2. Happy to provide support up to £100.00 per member (generic support etc.)

3. We would plan to improve engagement and may spend more than £150 per member

Live

 

voting

 

– final

 

results

(4)

Sponsored by: Media partner:

DC STREAM

The Guidance Guarantee

Maggie Craig

Acting Head of Savings, Investment and Distribution Financial Conduct Authority

(5)

Agenda

• Budget changes are a game changer

• The Guidance Guarantee

• What have we been doing and where are we at?

• What does this mean for pension schemes?

(6)

Budget changes are a game changer

• What will people do with their pot?

• Alternative products will develop

• More complex decisions, but not for all

(7)

A new way of thinking

Eng ag e me n t Time Eng ag e me n t Time

(8)

The Guidance Guarantee

• Treasury’s key strategic decisions:

• Service design and implementation of the guidance service

• Designating the organisations that will deliver the guidance

• FCA role:

• Set, maintain and monitor the standards

• Collect levy

(9)

The Guidance Guarantee (cont.)

• Designed to help people make the most of their pension savings

• Not designed to be financial advice

• Provided through a variety of delivery channels

(10)

What have we been doing and where are we at?

• Consultation paper covering (closed 22 Sept.):

• Standards for delivery partners

• Proposed rule changes for firms – signpost

• Levy proposals

• 150 responses – policy statement in late autumn

(11)

What does this mean for pension schemes?

• Requirement to signpost to the guidance

(12)

Other issues and next steps

• FCA policy statement – late autumn

• Guidance Service – April 2015

• Pension reforms and challenges for April 2015

(13)

Sponsored by: Media partner:

DC STREAM

The ‘Guidance Guarantee’.

How, what, when and how much?

Anne Hunt

Warburtons Limited

(14)

What we’re going to cover?

• Company profile and geographical locations

• DC Plan – Membership/Investment Profile

• Engagement Project Team

• Engagement Plan and Priorities

• Pensions Talk

• Engagement Roadmap

• Fidelity Retirement Services

• Guidance Guarantee

• What is the impact and cost

(15)

Company Profile

• Established in 1876 by George, Thomas and Ellen Warburton from a

tiny bakers in Bolton

• After 138 years, the Company is still a privately family owned

business – actively managed by the fifth generation since 1991: Jonathan, Ross and Brett

• The largest family owned bakery in the UK, employing 4500 people at

12 bakeries and 15 depots across the UK

• Now recognised as Britain’s favourite baker, having double in size in

the last decade with a turnover in excess of £500 million a year

• As the UK’s number one bakery brand, a quarter of all bakery

(16)

12 Bakeries 15 Depots

Geographical Locations

(17)
(18)
(19)
(20)

Engagement Plan

Year 1

2014/15

Launch Engagement Campaign Refresh existing materials

Move Pensions Talk publication to November

Promote PlanViewer Create PlanViewer user Guide Set measures of engagement Year 2

2015/16

Investment review/relaunch Refresh/review Plan booklets for Budget and investment changes

Promote benefit statements

Focus on Retirement and Joining processes Develop interactive learning sessions (segmented in line with Roadmap)

Recruit/refresh pension champions, scope role and train

Year

3

2016/17

Contribution campaign (trailing auto enrolment increases)

Refine/review interactive learning sessions

Review annual benefit statements

Review use of PlanViewer

Review effectiveness of pension champions Promote new tools

(21)

Engagement Priorities – What next?

• Refreshing our existing member communications

• Welcome to Warburtons Pensions booklet to be updated

• Main Focus on joining and retirement process

• Welcome letter – auto enrolment

• Step by step guide to Retirement

• Explore your options – interactive pdf

• Presentations at sites

(22)
(23)
(24)

Fidelity Retirement Services

• Wake up letter – 5 years before selected retirement age

• Letter – 2 years before selected retirement age

• Letter – 6 months before selected retirement age

• Annuity Purchase – Open Market Option

• Income Drawdown

• Cash

• Fidelity Retirement Services – team of specialists

• Access to advice and website

• Non advised

(25)

Guidance Guarantee – what is the impact and cost?

Sc

hemes/E

mplo

yer

Tight deadline for finalisation and implementation Rewriting existing communications due to signposting requirements Communicate changes to

members

Training and development of in-house teams

Resources for implementation and on-going support

(26)

Guidance Guarantee – what is the impact and cost?

Sc

hemes/E

mplo

yer

Tight deadline for finalisation and implementation Rewriting existing communications due to signposting requirements Communicate changes to

members

Training and development of in-house teams

Resources for implementation and on-going support Potential cost £100k

Pension

Pr

ov

id

er

s

Tight deadline for finalisation and implementation

Rewriting existing communications due to signposting requirements Compliance with additional

disclosure requirements

Potential impact on fund charges due to additional costs

Resources for implementation and on-going support

(27)

Guidance Guarantee

Membe r Scheme/ Employer Guidance Guarantee IFA Provider

(28)

Guidance Guarantee

Membe r Scheme/ Employer Guidance Guarantee IFA Provider Member

(29)

71% 11%

18%

3. Do you think members will make a decision based on the 

Guidance and decide not to take independent financial 

advice?

Yes No Unsure

Live

 

voting

 

– final

 

results

(30)

82%

12% 6%

0%

4. Who do you think members will contact first for Guidance? 

1. Scheme/Employer 2. Plan Provider 3. Guidance Partner 4. An Independent Financial Advisor

Live voting – final results

(31)

41%

35% 24%

5. Do you think the guidance will lead to a better member 

outcome?

Yes No Unsure

Live voting – final results

(32)

67% 13%

20%

6. Is there a risk that the Guidance could potentially be the 

next mis‐selling?

Yes

No

Unsure

Live

 

voting

 

– final

 

results

(33)

References

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