Title
Contents
Acknowledgements 8
The Authors 9
Summary 10
1. Introduction and methodology 19
1.1 Background 19
1.2 Aims and objectives 20
1.3 Methodology 20
1.3.1 Research among providers 22
1.3.2 Research among employers 23
1.3.3 Research among individuals 24
1.3.4 Research among trainees 26
1.3.5 Timeline 26
1.4 Report structure 27
2. Providers' experience of setting up initiatives 28
2.1 Reasons for involvement 28
2.2 Difficulties with the length of the set-up period 28
2.3 Sources of delay in setting up projects 29
2.4 Development of delivery materials 30
2.5 Relationship with DWP during set-up 31
2.6 Summary 32
3. Providers' experience of engaging with employers 33
3.1 Interesting employers in Pensions Education Fund initiatives 33
3.2 Approaches taken to recruiting employers 34
3.3 Types of employers approached 36
3.4 Arranging PEF events 37
3.5 Good practice in engaging employers 39
3.6 Summary 41
4. Providers' experiences of working with individuals 42
4.1 Engaging individuals 42
4.1.1 Encouraging individuals to attend 42
4.1.2 Experiences of reaching target groups 43
4.2 Delivery of information 44
4.3 Good practice in the development of material 45
4.4 Supporting material and follow-up sessions 46
4.5 Summary 47
5. Providers' experience of the management of schemes 49
5.1 Working with partners 49
5.2 Working with the DWP 50
5.3 The future 51
5.4 Summary 52
6. Experiences of employers 53
6.1 Profile of employers 54
6.2 Current pension provision 54
6.3 Previous contact with providers 54
6.4 Previous retirement planning information 55
6.5 Decisions to participate 55
6.6 Level of employer involvement 56
6.7 Views of the information provided 56
6.8 Impact of the information 57
6.9 Employer satisfaction 58
6.10 Summary 58
7. Participant experiences: engaging with the Pensions Education Fund 60
7.1 Introduction 60
7.2 Engaging target groups 61
7.3 Target group profile 61
7.4 Nature of, and reasons for, involvement 63
7.4.1 Ways in which information was received 63
7.4.2 How heard about PEF schemes 64
7.4.3 Key reasons for attending 64
7.5 Views of information 65
7.5.1 Overall satisfaction 65
7.5.2 Understanding of the information received 66
7.5.3 Relevance of the information received 66
7.5.4 Usefulness of the information received 67
7.6 Summary 68
8. Participant experiences: the Pensions Education Fund impact on retirement planning knowledge and behaviour 69
8.1 Understanding of key retirement planning issues 69
8.2 Impact of information on knowledge of target groups 71
8.3 Actions taken 74
8.4 Type of action taken: 'concrete planning' compared to 'information gathering' 75
8.5 Detailed breakdown of actions taken 78
8.6 Role of information in actions taken 81
8.7 Actions taken by target groups 82
8.8 Summary 82
9. Participant experiences: importance of provider and workplace channel 84
9.1 Prior dealings with and trust in providers 84
9.2 Advantages and disadvantages of a third party 86
9.3 Role of the third party in attendance and actions 87
9.4 Location of the session 89
9.5 Summary 90
10. Participant experiences: Pensions Education Fund success stories 91
10.1 Profile of individuals 91
10.2 Attitude to saving for retirement prior to receiving the information 92
10.3 Previous retirement savings behaviour 92
10.4 Success factors for the information 94
10.5 Impact of the information 95
10.6 Summary 96
11. Participant experiences: training schemes 97
11.1 Deciding to attend courses 97
11.2 Views on courses 98
11.3 Disseminating information 98
11.4 Summary. 100
12. Conclusions 101
12.1 General 101
12.2 Engaging employers 102
12.3 PEF participation and delivery 102
12.4 Views on, and impact of, PEF participation 103
12.5 Issues for consideration 104
Appendix 106
Design of the evaluation and key methodological components 106
Table 1.1 Employer sample profile and contact breakdown 24
Table 7.1 Profile of key target groups amongst PEF survey respondents compared to more general working age population 62
Table 7.2 Overall satisfaction with information received - by delivery method 65
Table 7.3 Understanding of information received - by delivery method 66
Table 7.4 Relevance of information received via each delivery method 67
Table 7.5 Usefulness of information received via each delivery method 67
Table 8.1 Extent of understanding of key retirement planning issues 70
Table 8.2 Proportion of respondents stating their understanding of key retirement planning issues had improved 'a lot' - by main approach 71
Table 8.3 Improvement target groups knowledge of key issues - potential financial situation when you retire 72
Table 8.4 Improvement target groups knowledge of key issues - the options available for saving for retirement 72
Table 8.5 Improvement target groups knowledge of key issues - the options available for working longer 72
Table 8.6 Improvement target groups knowledge of key issues - where to go for further information on pensions 73
Table 8.7 Improvement target groups knowledge of key issues - where to go for further information on other options for planning for retirement 73
Table 8.8 Improvement target groups knowledge of key issues - how to start a pension 73
Table 8.9 Proportion of respondents taking retirement planning actions - PEF survey compared to APF survey 77
Table 8.10 Individuals/ organisations PEF respondents talked to or sought information from 6-8 weeks after receiving information and after 12-16 weeks 81
Table 9.1 Prior dealings with provider 85
Table 9.2 Target groups' prior dealings with third party 85
Table 9.3 Role of the third party in attendance 88
Table 9.4 Role of the third party in action taken after 6-8 weeks 88
Table 9.5 Role of the location in decision to attend 89
Table A.1 Profile of providers surveyed 112
Table A.2 Employer sample profile and contact breakdown 114
Table A.3 Individual interviews sample profile 116
Table A.4 Initial interview - contact breakdown 117
Figure 1.1 Timeline 27
Figure 3.1 Good practice in engaging employers 39
Figure 4.1 Good practice in the development of information 45
Figure 7.1 Ways PEF survey respondents received information 63
Figure 7.2 How heard about PEF schemes 64
Figure 8.1 Actions taken, 6-8 weeks and 12-16 weeks after PEF 76
Figure 8.2 All actions taken by PEF respondents after 12-16 weeks 79
Figure 9.1 Advantages of information being provided by third party 86