A guiding hand

Think tank: Social Market Foundation

Author(s): Scott Corfe; Matthew Oakley; Joe Ahern

February 23, 2022

This report from UK think tank the Social Market Foundation looks at improving access to pensions advice and guidance.

In our latest report, A Guiding Hand, the SMF finds that Brits are woefully unprepared to be able to achieve their desired retirement standard of living. The lack of high-quality support is set to create an annual shortfall of £132bn, with the typical pension pot being 58% under-funded. But something can be done about this: the extent of under-provision proves to be lower among those who use advice and guidance (with the former having a greater impact). Plugging the shortfall and ensuring that people can make better decisions more confidently about their pensions, we urge the Government to launch a nationwide awareness campaign. And the FCA should further improve access to and quality of tailored suggestions. If you’re now scrambling to check your own pension, why not also check our handy tool that helps you visualise your retirement options and how much (more) you need to save.