Monthly Archives: November 2020

News

Guaranteed in Time for Christmas?

With the festive season upon us, and only six weeks to go until the big day ‘Guaranteed in time for Christmas’ is a phrase which consumers usually expect to see on promotional materials.

Retailers are likely to be careful about any sweeping statements, for example in advertisements that they make about Christmas delivery this year in light of lockdown 2.0 and the closure of all but essential shops; as 2020 has seen supply chains in the retail and furniture industries experience major disruptions and delays due to lockdown restrictions both at home and abroad. However, the internet will remain a sales channel to which many of us will turn for our Christmas purchases.

With many of us working from home and unable to travel internationally, home improvement projects and furniture purchases will remain at the forefront of consumer focus as we contemplate a different festive season. We expect, therefore, that even beyond the festive period, consumers will be looking to apply their usual holiday budgets to home improvements.

When using online channels to purchase furniture, especially when consumers are not used to online shopping, it is always worth double checking specifications, perhaps asking for fabric swatches and dimensions to be certain that the item is what they wanted and that it will fit into their property. There are rights to return goods that are enhanced for distance purchases (as outlined below), but checking first will avoid disappointment later.

What are the legal consequences of late delivery and what can we do to ensure that goods ordered will arrive in time?

Whether customers can rely on statements made in advertising, depends upon what is said and how detailed those statements are. Consumers are advised to check carefully to make sure the promise relates to the specific item that is being ordered and notify the retailer of any requirements that they have in relation to their order.

In the event of items not arriving in time for Christmas, if that was promised by a retailer, there are several things that a customer can do. If the item was ordered online, then there is a 14 day right to cancel which starts on the day after goods are received or alternatively there may be a the right to withdraw; but that’s not much use if the order was a gift for someone else, or if their dining table has already been given away to charity.

Under the Consumer Rights Act 2015, goods should be delivered within 30 days of the order being placed, unless agreed otherwise. This can sometimes be in the terms and conditions or specified on the order documentation. Often with large items of furniture otherwise known as ‘big ticket’ items, there can be a longer lead-time because the item is being made to fulfil an order, or parts may be shipped from abroad. Particularly at the moment, it is very important for consumers to check these lead times and ask the retailer for details of anything that might cause a delay.

At the Ombudsman, we believe there are some practical steps that consumers can take when ordering furniture, that are particularly relevant at the moment.

Top tips for festive furniture orders:

1. Check the projected delivery date for the furniture and keep a note of the estimated timeframe and make sure it is suitable, before placing the order.
2. If the retailer agrees to delivery for a date that is essential to the consumer, they should both keep a written record.
3. Keep in touch with the retailer – regularly check that they are going to be able to deliver on time.
4. Despite best endeavors, things sometimes do go wrong. Shopping with a member of the Ombudsman can ensure there is a level of protection for consumers and we advise that they check our list of members before making their purchase at www.fhio.org/members.
5. Have a back-up – don’t dispose of any old furniture until the new items have arrived.

What if the contract cannot go ahead at all due to the Lockdown Laws?

In the presently uncertain landscape, a retailer may be unable to meet its obligations due to circumstances that are outside of their control. The Competition and Markets Authority (CMA) has provided some guidance on the application of the legal principle of “frustration” to contracts that are prevented from going ahead as agreed, or at all, due to lockdown laws.

This sets out the CMA’s expectation that the consumer will be entitled to a full refund, without necessarily having to ask for it, including any deposit that they have paid. Retailers should not ask the consumer to take “unreasonable or unnecessary steps” to obtain the refund and will be in breach of consumer protection law if they do so. That said, there is nothing to prevent a consumer and retailer coming to an arrangement that is suitable to both of them and this can be one advantage of alternative dispute resolution at this time.

Kevin Grix, CEO and Chief Ombudsman, Furniture and Home Improvement Ombudsman said,

“As we approach the festive season, customers are offered an additional layer of protection when shopping with retailers enrolled with an Ombudsman scheme; it reinforces a commitment to manage complaints formally and at a higher level than the law prescribes. Our members demonstrate responsible retailer practise by helping to raise industry standards, promoting fair trade and trusting us with their most prized asset; their customers”.

To find out more, visit www.fhio.org.

Home Improvements, News

Government loses potential for £15bn economic boost and job creation

The Government must cut VAT on home improvement works to 5% to boost jobs and stimulate the economy. This is in response to the PMI data, published today, which shows that staffing numbers across the construction sector were in decline.

According to independent research conducted on behalf of more than 60 organisations including the Federation of Master Builders (FMB) and Royal Institution of Chartered Surveyors (RICS), cutting VAT to 5% for the period 2015 to 2020 would have generated an economic stimulus of £15.1bn and 95,480 extra jobs.

Brian Berry, Chief Executive of the FMB, said: “The Government must prioritise measures that create jobs in every community, and that will tackle climate change. Cutting VAT is an oven-ready fiscal policy that will help to generate billions in economic stimulus and tens of thousands of jobs across the UK. Local builders train almost three quarters (71%) of the industry’s apprentices, so supporting the repair, maintenance and improvement sector will help industry to train, train, train as well as build, build, build. Cutting VAT will also help us decarbonise our homes, as we know households prefer to do this as part of larger home improvement works.”

Dr Patrice Cairns, RICS Policy Manager said: “There is an urgent need to improve the energy efficiency within the UK’s building stock and retrofitting provides this opportunity. As the UK continues to spend more time at home, for our work as well as leisure, the benefits of green home improvements will continue to gather momentum. Government must use this unique opportunity to work with the professional expertise of industry and implement a holistic approach to retrofitting that will achieve significant carbon savings, both operational and embodied.”

Dr Cairns continues: “As the government begins to think about a strategy for rebuilding the economy in the wake of the COVID-induced recession, committing to a more sustainable stock of housing provides an opportunity both to kickstart business activity and focus on the green agenda. Government endorsing our call to reduce the VAT regime for home repairs, maintenance and improvement work would be a swift step in the right direction. Although the incentive to encourage retrofitting will carry an initial cost, it will be at least in part offset by the benefits associated with job creation, which will be much needed in the wake of the likely rise in unemployment as the furlough scheme concludes. It will also provide tangible long-term rewards both for the wider economy and individual households.”

News, Tech Thought Leadership

Giles Knights: How Contractors Can Help Organisations Fill the IT Skills Gap

By Giles Knights, General Manager, ClearHub, part of Clearvision

While the IT contractor market has been impacted by COVID-19, as many organisations and professions have, there is still a strong requirement, potentially an even greater one, for organisations to build a level of flexibility and relevant skillsets into their teams. Engaging contractors is one way to achieve this. For those business that have IT projects that they need to deliver upon, but don’t necessarily have the in-house skills and resources to do so, hiring can seem an expensive exercise, particularly if those skills are only required for an interim period or a one-off project; this is where using a contractor can prove extremely beneficial.

There is even more of a pressing need around some of the hot technology/niche technology areas and more so now as not only enterprises, but technology providers start to move their solutions to the cloud. As you can imagine, the growth in cloud is predicted to skyrocket!

If you wind the clock back to a decade ago the entire market capitalisation of the public cloud industry totaled just under $40 billion. Fast forward to 2020 and it is now worth more than $1 trillion, with estimates for 2021 predicting this will grow to $2 trillion. Likewise, we have seen organisations like our partner Atlassian, for example, planning to stop selling new server licenses in 2021 because it believes that cloud will be the primary destination for the majority of its customers. Therefore, we anticipate a big shift to cloud with our customers, necessitating an increased number of contractors.

This year many cloud service providers (CSPs) witnessed a spike in demand as organisations migrated to the cloud quickly and at a large scale, to ensure business continuity amid the pandemic. But today, as cloud infrastructures proliferate and as organisations continue their cloud transformation journeys, they should question if they have the right tech talent in the business to complete such programmes of work and if this is an opportunity to engage with an IT contractor to help fill that skills gap?

Are contractors your cloud migration solution?

So, can contractors help organisations solve their cloud migration headache? As I mentioned earlier contractors give organisations the capacity to react and build on ideas and innovate. They provide firms with flexibility and agility in resources, so while an organisation might not feel confident to commit to hiring full-time employees, they can still move ahead with projects and have the flexibility to scale up or down as they see fit.

But IT is a vast area with many niches; not all IT contractors will be equipped with the right skills. It is hard, particularly for HR teams, to know the difference between the skills required. Therefore, it is so important to go to a specialist resourcing provider, especially if you are dealing with specialist tools. In my experience, niche roles require specialist skills which can only be obtained through many years of training and experience. Here at ClearHub, we specialise in providing cloud and Atlassian contractors. Therefore, when it comes to finding the right person equipped with the skills the team needs to help finish a project or provide specialist cloud support, going to a generalist recruitment agency for those skills might not be the best option. This is because they are too broad in terms of the types of professionals they deal with.

What to look for in your cloud migration contractor

To help, I’ve listed below some red flags that HR teams should watch out for when they are looking to hire an IT contractor, especially one with specialist skills:

  • Does the recruitment firm know their docker from their DevOps? After all, why work with someone that isn’t an expert in the tools that you use?
  • Are they really listening to your needs or are you receiving resumes that simply do not match the brief?
  • Do they have the means to technically test the contractor to ensure they have the specialist skills you require?
  • Do they offer support of any kind to the contractor? In my experience very few recruiters do, which is why we pride ourselves on providing that support – it’s a real USP for us.
  •  Do they provide any guarantees if the contractor does not work out?
  • Do they take into consideration company culture and whether the contractor is the right fit for your business?

While recruitment agencies are there to help find people jobs, they aren’t experts in the profession they are placing candidates in. This is why it is so important to seek out a specialist provider. For example, the use of collaborative software created by the likes of Atlassian requires training to achieve maximum value. Teams that are just starting out, or who have been using Atlassian software for some time and require a tidy up, often seek long-term assistance in the form of a contractor. Here at ClearHub, we provide this along with technical skills tests and tool vetting that measures the knowledge of the contractors against the requirements. ClearHub is also supported by our parent company, Clearvision, an Atlassian Platinum Solution Partner, which means that our contractors get the support they need as well as a host of other benefits.

So my advice is really check out the recruitment provider or resourcing specialist that you are thinking about placing your recruitment briefs with, after all why waste all that time, effort and money engaging a contractor that you subsequently find doesn’t have the skills for the job?

Benefits, News, Pensions

Forgotten 55s: survey finds companies ignore older workers heading for retirement – new research from Punter Southall

New research from Punter Southall has found six out of ten employers do not help staff as they approach the age when they can claim their pension.

A survey of more than 300 companies revealed they did not offer any guidance on steps to take as people reached 55, when they can legally unlock some of their savings.

The research comes as the pandemic has forced many people to rethink retirement, with the Institute for Fiscal Studies saying a third were worse off financially and one in ten carrying on working for longer.

Punter Southall’s survey highlights that employers are deterred from providing workplace financial guidance because they worry about the cost of financial advice and fear falling foul of regulation. They also have the misconception that the over-50s have fewer money worries.

Peter Selby, Managing Director, Retirement Services, at Punter Southall Aspire, said: “The 55s are a forgotten generation when it comes to financial education, support or guidance as companies tend to focus on younger colleagues. This is a critical time for this age group as they can start taking money out of their pension, but there are pitfalls – such as paying too much tax, or withdrawing too much and depleting their pension savings too quickly  – if they do it without guidance or regulated advice.”

“We’ve found concerns over cost or regulation are worrying employers considering financial guidance, but the right adviser can confront these worries, offering value for money and achieving positive outcomes that can help people make the most of their retirement and ensure they remain on the right side of increasingly complex regulation. Companies invest a great deal in supporting their people throughout their careers and it makes sense to do the same as they set out towards retirement.”

Further survey findings reinforced this final point, with eight out of ten saying their company and people would benefit from being better informed about all things financial; and retirement planning topping the list of what employers think would be most valuable.

Since pension freedoms were  introduced in 2015, tens of thousands of savers with large pensions have been making withdrawals at such rapid rates they risk running out of cash in retirement, new data from the Financial Conduct Authority , the City regulator, reveals[i].

Not only that,  the extra tax paid means the government has raised £2bn more than it expected from people opening their pots at 55.

With one in three of the workforce forecast to be over 50 by 2025, Punter Southall Aspire also recommends a ‘Midlife Review’ for older employees, focusing on mid to long-term plans, which considers finances, continuing career aspiration and overall wellbeing. These reviews help employers reduce the risk of losing valuable experience and ensure people can continue to enjoy fulfilling careers, contributing as much as possible for as long as possible.

Steve Butler, Chief Executive at Punter Southall Aspire, has written two books which cover this area: The Midlife Review – a guide to work, wealth and wellbeing and Manage the Gap – a guide to achieving success with intergenerational teams. The books offer business leaders and managers guidance to help them understand and support ‘midlife’ workers.

Ends

Construction, News

Welsh fabricator continues key development of Cardiff with new project

WALES’ leading aluminium fabricator, Dudley’s Aluminium, continues to be instrumental in the redevelopment of Cardiff’s Central Square as it begins work on a major multi-million pound project.

The Cardiff based company has secured the contract, worth in excess of £6million, with ISG and will also be working closely with Rightacres, the developer of Central Square, to ensure that the project continues to meet the high standards that are required for the multi-layered development.

The Interchange is an innovative and modern build with a mixed use set of environments. In addition to housing the capital’s new, state of the art bus and coach station, the development will also provide dynamic office and residential accommodation in a key city centre location.

Engineers from Dudley’s Aluminium will install a range of high-quality Kawneer products throughout the development including capped curtain walling and doors, as well as aluminium feature panels, high performance acoustic glass, and fire rated windows.

The Interchange is the latest project in the development of Central Square that the Welsh fabricator has been involved with. Dudley’s Aluminium has previously worked with ISG on the construction of Two Central Square (a multi-use building for the law firm Hugh James and Cardiff University’s School of Journalism, Media and Culture) and the BBC Cymru Wales Headquarters. Dudley’s has also completed projects for office developments One, Six and Seven Central Square with Willmott Dixon and Sir Robert McAlpine respectively.

Colin Shorney, Managing Director at Dudley’s, said: “We are thrilled to have secured another major contract to work on the Central Square development. Having already been involved with all of the other buildings at the site since 2016, we are delighted to contribute again to such a prominent development for the city.

“With retail opportunities, commercial, residential and transport benefits, the Interchange is a very exciting project which will provide a real economic boost to Cardiff and we are proud to be involved.”

Since 1993, Dudley’s Aluminium has offered clients full in-house design and production facilities, completing many successful and prestigious projects throughout the UK and Channel Islands.

Dudley’s reputation for quality has been recognised with several industry-related accreditations. The company is CHAS accredited, Constructionline registered and certified to manufacture “Secured by Design” products.

COVID-19, Healthcare News, News

New Data Confirms No-Touch Thermometers Miss Five Out of Six Fevers

First Study Comparing Accuracy of No-Touch Devices to Temporal Artery Thermometers has Serious Implications; Thermometer “Guns” Can Create False Sense of Security in Mass COVID-19 Screenings and at Home

As COVID-19 continues to set new records nationwide, the importance of understanding the difference in accuracy between temporal artery thermometers (TAT) and non-contact devices – now used widely for public temperature screenings – is of paramount importance. Non-contact thermometers are proven to be ineffective in measuring actual body temperature, while the accuracy of the TemporalScanner is supported by more than 80 peer-reviewed published clinical studies. This has serious ramifications for family health and public safety.

A new study in the American Journal of Infection Control is the first to compare the accuracy of no-touch thermometers to temporal artery thermometers. Australian researchers conducted a prospective observational study on a sample of 265 non-infectious patients at two hospitals. When body temperatures read below 99.5 degrees Fahrenheit, the thermometers showed similar results, but as temperatures rose above that, non-contact scanners’ accuracy decreased. Temperatures were farther apart as they rose. The non-contact scanners missed five out of every six fevers detected by Exergen temporal artery thermometers.

According to the authors, “This is the first study to compare the accuracy of non-contact infrared thermometers (NCIT) to TAT in adult patients. Although mass fever screening is currently underway using NCIT, these results indicate that the NCIT may not be the most accurate device for fever mass screening during a pandemic.”

“During this escalating and unpredictable pandemic, there is one constant in helping to ensure public safety: the ability to accurately screen for fever,” said Francesco Pompei, Ph.D., CEO of Exergen Corporation. “Non-contact thermometers are proven to be inaccurate in measuring core body temperature, yet they’ve been used extensively from the start of the pandemic, giving a false sense of security. In public settings, they are large ‘theater,” and as such their use should be seriously questioned. Only thermometers with extensive clinical studies, such as the Exergen Temporal Scanner, can be trusted for accuracy during these threatening times of COVID.”

 

Food & Drink, News

Drinks producer secures business overseas

Flawsome! Drinks have every reason to celebrate after securing a business deal with a multinational premium supermarket retailer in the Middle East.

Cardiff based drinks producer, Flawsome!, which makes cold-pressed juices from imperfect fruit and vegetables, will see its products available to buy in the well known Spinneys stores in the United Arab Emirates (UAE). This latest news is a great boost to the company at such a challenging and uncertain time for all food and drink producers.

Next month, around 28 stores will initially stock Flawsome! lightly sparkling range which includes Apple & Rhubarb, Sweet and Sour Apple, and Apple & Cherry as well as their Apple and Orange, Apple & Strawberry, Apple & Superberry cold pressed juices in 750ml glass bottles.

The deal was secured earlier this year following a visit to Gulfood, one of the world’s largest food and drink trade events, held each year in Dubai. Attending as part of the Welsh Government’s delegation under the Wales (UK) banner, producers had the opportunity to meet with buyers and distributors in the hope of securing new business opportunities.

Flawsome! was founded by couple Maciek and Karina who met in 2013. A trip to a local farm opened the eyes of the founders to the food waste problem – specifically the devastating effect that excessive aesthetic standards imposed by supermarkets have on the food we consume. As a result, they began to look at more sustainable options to single-use plastic bottles.

When the couple learned about the food and plastic waste, they decided to take their nan’s tasty recipes and transform imperfect fruit and vegetables into perfect cold-pressed drinks.

Karina Sudenyte, Co-founder of Flawsome! Drinks is delighted with the recent announcement, commenting,

“Despite uncertainty arising from Brexit and the Covid-19 pandemic, securing overseas business is a fantastic boost of confidence for us. We are thankful to the Welsh Government for their support and appreciate the benefits they can bring to us as a company as we meet potential new buyers and distributors.

“We met with buyers of Spinneys at a meet the buyer event whilst attending Gulfood back in February, and everything developed from there. This is a very exciting time for us as a company. We want to make other people as passionate about sustainable craft drinks as we are.”

The Gulfood event in Dubai is one of a series of international trade events where the Welsh Government supports food and drink companies to exhibit. According to the Minister for Environment, Energy and Rural Affairs, Lesley Griffiths, it is an invaluable way of increasing the potential of Welsh exports and supporting the economy,

“This is great news for Flawsome! We have committed significant resources over the years to support our Welsh food and drink producers at key events such as Gulfood and it’s great to see positive results such as these, especially during this challenging period for all.

“We continue to support our producers to develop sales in overseas markets despite the absence of physical trade events since Covid-19.  Our virtual trade visits are proving really successful and will help more businesses like Flawsome! to continue to win new customers in new markets.

For more information about Flawsome! and their product range visit flawsomedrinks.com/

Education, Sport

Cardiff Blues partnership comes to Pencoedtre High School to inspire and motivate pupils

A joint initiative between Bouygues UK and Cardiff Blues Community Foundation to engage secondary school pupils in career discussions was launched this week at Pencoedtre High School in Barry.

Cardiff Blues Tackle scheme is a sport engagement programme linked with essential and life skills workshops aimed to engage, inspire and motivate young people through an alternative curriculum experience.

The eight-week course aims to engage pupils from years 8 to 10 initially, through workshops and practical sessions geared towards career aspirations and higher education avenues. It aims to give children the chance to develop their employability skills and develop prospects by learning through rugby values such as teamwork, respect, discipline and passion.

Pupils will also work towards gaining an Agored Cymru award delivered through Cardiff and Vale College and, if Covid-19 rules allow, will be able visit to Cardiff Arms Park, where they will learn about jobs at Bouygues UK and Cardiff Blues.

Bouygues UK is currently building the new Pencoedtre High School. Pupils can look forward to new sporting facilities including a four-court sports hall, an all-weather hockey floodlit pitch and grass rugby and football pitches.

Alison Howe, Social Value Advisor at Bouygues UK who is working at the Pencoedtre High School site, said: “Bouygues UK is really pleased to be joining forces with the Cardiff Blues Community Foundation. It’s a very exciting initiative for us and one that we are really pleased to be bringing to Pencoedtre High school. 

“The programme of fun-filled events and workshops provided by Cardiff Blues has a solid track record and we look forward to working together to help enhance the prospects of children in Pencoedtre High.”

Nadine Griffiths, Cardiff Blues Community Foundation Director, said: “We are both thrilled and excited to kick off this new programme in partnership with Bouygues UK in Pencoedtre High School, which will have a really positive impact on pupils. Now more than ever with the Covid-19 pandemic, physical activity and mental health are significant concerns for young people but we can all work together to inspire, engage and improve opportunities for all within our communities.

“The TACKLE programme has been designed to help young people become more active, to build confidence and learn new skills while gaining qualifications to help build a positive future. As part of the programme former Cardiff Blues professional player and Junior All Black Nick Williams, will act as a mentor to the pupils. Nick is a fantastic role model and is very much looking forward to meeting and working with the pupils, listening to what they have to say and what they want to achieve, so we can all make a positive difference together. We cannot wait to get this programme up and running.”

Mike Baker, assistant head at Pencoedtre High School said: “We are delighted to be working with Cardiff Blues again, given the success of their Raising Aspirations programme that we participated in last year.

“The Tackle programme is a considerate and well thought out means of driving achievement in schools and our pupils can’t wait to get started. We are very grateful to Bouygues UK for facilitating and sponsoring this opportunity.”

Food and Drink, North Wales

Scramble for eggs during lockdown led to sales surge for Welsh farmer

CUSTOMERS scrambled to buy eggs and local produce when Coronavirus took hold in the UK.

Demand surged due to panic buying and a rise in the number of people home baking, which is when David Sharples saw a major increase in customers wanting goods from Clyttir Farm, near Ruthin.

The farm has 24,000 free range hens laying more than 150,000 eggs a week and also supplies a range of jams, honey and rapeseed oil.

He built a shelter to ensure people could social-distance when visiting the egg store during the Spring months and into the summer, and again when Wales went into a second lockdown recently.

But David admits he and others in his industry have been lucky to be able to “keep going” when others have been furloughed or are at-risk due to economic pressures caused by the pandemic.

“We are very fortunate that we could just keep going, and while we did see more sales of eggs here at the farm the virus has not had a major impact on our working lives,” he said.

“I have so much sympathy for the NHS and frontline workers and the many other people who have been absolutely run off their feet throughout all of this, they have our admiration.

“For us as farmers we have carried on to an extent; the roads were a lot quieter initially as people were self-isolating but because we are outdoors for most of the day things were much the same – we can social distance in our tractors.”

The Sharples’ deliver eggs and preserves to the elderly and vulnerable in their community and will continue to do so in the future, as are many working alongside Taste North East Wales to encourage shoppers to support local businesses.

Many of the new customers who joined them during the first lockdown have stayed with them, and he noticed a more relaxed response when the latest restrictions were put in place.

“With this most recent lockdown there hasn’t been the same panic, perhaps because we are a more rural area and people had more of an idea what to expect,” said David.

“We supply butchers in Ruthin and Denbigh, and community shops locally, and they still have a steady flow of customers but not people queuing down the street – there has been less panic buying.”

He added: “It’s hard to say how things will pan out over the next six months, we haven’t really got any idea because we’ve never been here before.

“All we can do is stick together and hope the people in charge are able to help us through this as quickly and safely as possible.”

The second annual Taste North East Wales is taking place online this year after organisers Clwydian Range Food and Drink and Llangollen and Dee Valley Food and Drink, with the support of Cadwyn Clwyd, the Clwydian Range and Dee Valley AONB and the local authorities of Flintshire, Wrexham and Denbighshire, decided to host a virtual celebration to ensure the health and safety of participants.

This project has received funding through the Welsh Government Rural Communities – Rural Development Programme 2014-2020, which is funded by the European Agricultural Fund for Rural Development and the Welsh Government.

For more on Taste North East Wales, follow them on social media @taste_blasu or email taste.blas@gmail.com.  Alternatively, visit the website: www.tastenortheastwales.org.

FInance, Financial Wellbeing, News, Pensions

Education And Communication Are Key To Getting People Talking About Money

With Talk Money Week currently aiming to get the nation opening up about their finances, a Cardiff-based pension expert is highlighting the need for financial education for youngsters and better communication within the pension sector. Stuart Price, Partner and Actuary at Quantum Advisory, says: “The key to encouraging people to talk about money is ensuring they understand it, and the best way to achieve this is through education and communication.

“I have long been an advocate for offering financial education in schools and ensuring this is maintained and refreshed with workplace training throughout adulthood. Teaching youngsters how to best save for their future is invaluable, and one of the biggest things they need to save for is their pension, yet this is often overlooked or misunderstood. Even adults can be flummoxed by pensions, which is exasperated by confusing or overly complicated annual pension statements.

“The government has announced plans to overhaul pension communication and making statements more engaging and easier to understand, which I wholeheartedly back.

“All that individuals really want to know is how much has been paid into their pension, the current value and the income the pension is likely to provide in later life.  In relation to projected income, I think that this should show a figure based on what the individual is paying now and will continue to do so in the future, and another figure showing what they can expect if all contributions immediately cease. This would highlight the importance of continuing to pay into their pension.

“It has been suggested that the Department for Work and Pensions (DWP) might adopt an approach that originated in Sweden so that pension statements are sent in brightly coloured envelopes. According to the Swedish Pension Agency, the tactic was successful and nearly all those that received one, opened and read their statements. Former Pensions Minister Ros Altmann suggests a similar attention-grabbing method, sending birthday cards alongside the statements, as well as prize-draw incentives. While these ideas won’t impact the content of the statements, they could be an initial way to get people more engaged with their pensions, create a topic of conversation and ultimately get people talking about their money.”

Talk Money Week (9-13 November) aims to increase people’s sense of financial wellbeing by speaking openly about their personal finance, whether with friends, family or financial experts.

To download a Talk Money Week participant pack, visit https://moneyandpensionsservice.org.uk/wp-content/uploads/2020/08/Talk-Money-Week-2020-participation-pack.pdf, or for more information about understanding your pensions, visit www.quantumadvisory.co.uk.