Title
Contents
The Authors 7
Foreword 8
Part 1 - Cost efficiency of the Pensions Education Fund 9
Acknowledgements 10
Summary 11
1. Introduction 14
2. Methodology 17
2.1 Background familiarisation 17
2.2 Depth study design 18
2.3 Depth study interviews 18
2.4 Analysis of depth findings and design of breadth survey 18
2.5 Breadth survey interviews 18
2.6 Analysis of data 19
3. Findings 20
3.1 Modes of delivery and supporting activities 20
3.2 Total costs and own contributions 22
3.3 Cost of delivery of PEF information 23
3.3.1 Delivery to individuals 23
3.3.2 Training and support of intermediaries 25
3.3.3 Cost of events 25
3.3.4 Costs of delivery not captured in unit costs 25
3.3.5 Cost drivers 25
3.3.6 A model scheme 27
3.4 Added value 27
3.5 Reaching target groups 28
3.6 Sustainability and expandability 28
3.7 Cost of starting up again 30
4. Conclusions 32
Appendix A: Depth study topic guide 34
Appendix B: Breadth interview questionnaire 37
Appendix C: Activities and costs 38
Part 2 - The role and activities of pensions information intermediaries 55
Acknowledgements 56
5. Summary 57
6. Background, objectives and methodology 62
6.1 Sampling and methodology 64
7. Provider objectives and the role of the pensions intermediary element 66
7.1 Individual providers' objectives 66
7.2 Role of pensions intermediary element within overall PEF initiative 70
8. Recruitment and profile of intermediaries 72
8.1 Methods of recruitment 72
8.2 Provider targets 74
8.3 Intermediary profiles 76
8.4 Employer backing for intermediaries 77
9. Training 79
9.1 The Trades Union Congress 80
9.2 The National Institute of Adult Continuing Education 83
9.3 The Union of Shop, Distribution and Allied Workers 85
9.4 North Liverpool Citizens Advice Bureau 86
9.5 Other providers 87
9.6 Further training 89
10. Promoting the role of pensions intermediary 91
11. Delivery of pensions information 96
11.1 Methods of information delivery 97
11.2 Type and format of information delivered 99
11.3 Numbers of individuals receiving information 104
12. Ongoing support 105
12.1 Support from employers 105
12.2 Support from providers 106
13. Impact and effectiveness of pensions intermediary activity 109
13.1 Impact of pensions intermediary activity 110
13.2 Overall effectiveness of pensions intermediary activity 112
14. Conclusions 117
Table 3.1 Cost breakdown for model scheme 27
Table C.1 Modes of provision 39
Table C.2 Unit costs from the core distributions 48
Table C.3 Mean and standard deviations of normalised unit costs 51
Table C.4 Event unit costs 52
Table C.5 Unattributed cost by activity 54
Table C.6 Cost breakdown for model scheme 54
Table 6.1 Breakdown of interviews by the seven providers and four respondent types 64
Figure 3.1 Unit costs for delivery to people at events 24
Figure 3.2 Unit costs for delivery via one-to-ones 24
Figure 3.3 Distribution of estimated restart costs 31
Figure C.1 Frequency distribution for the 'own contributions' 40
Figure C.2 Frequency of own/PEF ratios 41
Figure C.3 Scatterplot of own/PEF ratio against PEF contribution 41
Figure C.4 Own/PEF ratio compared to annual turnover (all providers) 43
Figure C.5 Own/PEF ratio compared to annual turnover (providers with turnover [ L5m) 43
Figure C.6 Unit costs (cost per person) for delivery to people at events 46
Figure C.7 Unit costs (cost per person) for delivery via one-to-ones 46
Figure C.8 Unit costs (cost per person) for the development of intermediaries 47
Figure C.9 Unit costs (cost per event) for holding events 47
Figure C.10 Unit costs compared to turnover 49
Figure C.11 Unit Costs of events compared to turnover 49
Figure C.12 Unit costs compared to own/PEF ratio 50
Figure C.13 Unit costs of events compared to own/PEF ratio 50
Figure C.14 Distribution of unattributed percentages 53