19 April 2006
Winterthur Life has published its latest research into the effectiveness of worksite marketing and its impact on employee take-up of company pension schemes. The figures indicate that 84% of those employees not currently part of a scheme are likely to join and that advice is now being seen as a crucial part of pension planning. The findings conflict with Lord Turner’s view and Winterthur believes that advice and the workplace should be at the heart of pensions reform.
Winterthur Life undertook presentations to group scheme employees between September 2005 and February 2006 as part of its wider worksite marketing programmes on behalf of group clients.
The responses from the presentations indicate that of those not currently members of the pension scheme 84% said they are very likely or fairly likely to join. Amongst those who were already part of their employer’s pension scheme 90% said that they will now take further action to review their pension.
The most frequently cited actions were:-
Review investment choices – 28%
Review overall pension planning – 26%
Seek independent advice – 22%
David Thompson, director of distribution, Winterthur Life, says, “What I have found particularly interesting is that by virtue of a comprehensive group presentation explaining how the pension scheme works and the options available to employees the majority of staff have been encouraged to sign up. Those already with pension arrangements stated that they needed to take action to review their current provision and planning.
“In addition we collated a lot of evidence very clearly stating that members want and need advice on their pension. Winterthur’s stance is very firmly aligned to workplace education and value and it is encouraging that the Winterthur presentations have engaged many employees to want to seek independent financial advice. Interestingly, at no point during the presentations did the issue of cost arise or affect the outcome of increased take-up of company pensions. This suggests that the debate’s obsession with low cost and no advice is misplaced and should provide food for thought for the DWP before the government publishes its White Paper on pensions reform in late spring.”
For further information:
Paul Riddell Winterthur Life, Press Office +44 (0)1256 798099
Sandra Fulton Winterthur Life, Press Office +44 (0)1256 798310
Christine Wood Financial Dynamics +44 (0) 207 269 7253
Notes to Editors
About Winterthur Life UK Limited
Winterthur Life UK Limited is part of Winterthur Group, which is part of Credit Suisse Group, a leading global financial services company headquartered in Zurich.
Winterthur Life UK offers pensions and investments for high net worth clients distributed via top tier IFAs and is renowned for its innovative approach to financial products. Its philosophy of transparent product propositions offers advisers a range of retirement and investment solutions with an open charging structure.
Winterthur Life UK is one of the UK’s top 10 providers of single premium personal pensions, trustee investment plans and corporate pensions via IFAs and a leading provider of self-investment retirement plans like Self Invested Personal Pensions (“Sipps”).
Any opinions expressed in this media communication are made as at the date of publication but are subject to change without notice. Past performance is not a guide to the future. The value of shares/units and the income from them can go down as well as up. Exchange rate fluctuations may cause the value of underlying investments to fall as well as rise. Yields are not guaranteed and may fall or rise.
Winterthur Life UK Limited is authorised and regulated by the Financial Services Authority.
www.winterthur-ifa.co.uk
Winterthur Group
Winterthur Group is a leading Swiss insurance company with head office in Winterthur. As an international company, the Group provides a broad range of personal, property and casualty insurance products, as well as insurance solutions in life and pensions that are tailored to the individual needs of private and corporate clients. Winterthur Group has approximately 19,000 employees worldwide. The company achieved a total business volume of CHF 28.3 billion in 2005 and reported assets under management of CHF 153.3 billion as of December 31, 2005.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. Credit Suisse, the banking business of Credit Suisse Group, provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse Group also includes Winterthur, a Swiss general insurer with a focus on international business activities. Credit Suisse Group is active in over 50 countries and employs approximately 60,000 people. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CSR), in New York. Further information about Credit Suisse Group and Credit Suisse can be found at www.credit-suisse.com. Further information about Winterthur can be found at www.winterthur.com.
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