Pension providers, Standard Life have taken the surprising decision to enlist the help of two stars of the reality TV show, Gogglebox.
Standard Life discovered that approximately three-quarters of people aged between 50 and 65 didn’t fully understand the new pension changes, so decided that it would tackle the issue by recruiting posh couple, Steph and Dom from the show to help to simplify things.
With almost three million viewers each week, the Gogglebox show has been a huge success. Gogglebox is a simple formula, whereby viewers watch ordinary people from a cross-section of society watching some of the week’s most popular television programs and their opinions of the shows.
Whilst the concept of watching people watching telly may sound strange, the diverse mix of characters and their views on the shows they watched has helped the program become incredibly popular.
The video for Standard Life shows Steph and Dom chatting in an informal manner to other pub goers about important aspects of retirement and how they plan to spend or invest their nest eggs to provide financial security in later life.
They help people to understand the changes to pensions that will take place in April 2015, as well as explain some of the jargon associated with pensions.
Standard Life ran a survey which showed 25% of people approaching retirement age were unaware of changes to the way pension pots may be accessed, and 78% didn’t understand how the changes would affect them personally.
With only four months to go before the pension reforms come into effect, it is of paramount importance that anyone planning on retiring in the next few years fully understands the changes and what it means for them.
By using high profile people to cut through some of the jargon and complications surrounding pension choices, Standard Life hope that more people will be armed with the information they need to make the best financial decisions for their retirement income.
The Government has promised to a guidance policy in which those coming up to retirement can have the choices available explained to them, along with the tax implications of their choices.
The Citizen Advice and the Pensions Advisory Service will offer face to face and online guidance. However, the guidance given will only be general and will not be tailored to the individual.
As always, we recommend that anyone approaching retirement seeks the services of an independent financial advisor before making any potential life changing decisions.