The Department of Work and Pensions is running a new initiative, which is designed to help promote retirement planning and improve the take-up of pension credit. They say that they are 'working to increase their understanding of the links between savings held and the benefit system in retirement, and how people are using or accumulating savings in retirement.' The study uses financial data of people aged over 60 already held by Revenue & Customs, and uses data-matching to support pension credit take-up campaigns, and increase understanding of people who work beyond pension age as part of their research into retirement planning. This follows the launch of the Work and Pensions Longitudinal Study in January 2004, which links information held by them to data from Revenue & Customs. This study has already been used to evaluate services in such areas as New Deals and Pathways to Work.
Our view
Anything that promotes awareness is a good thing. Learn more about pensions in the Pensions Adviser.com. Need some help? Get your FREE consultation from the Online Financial Adviser of the Year. Search the news archive for more on pensions.