Wake up pack money should be 'spent on guidance'

Speaking at ILC-UK's Are Annuities Fit For Purpose? event TPAS chief executive Michelle Cracknell said such an approach would increase understanding around products like annuities. "People often don't know what an annuity is and so there is a knowledge gap between what the retiree knows and where the wake up pack is pitched," she said. "It might be better to spend the money spent on warm up packs to fund a conversation with a knowledgeable person." The idea of a 15 minute conversation was initially brought up by Legal & General's head of strategy, individual retirement solutions, Tim ...