Punter Southall Aspire

A Message from Lord Pickles and Lord Blunkett, followed by Punter Southall Aspire's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Punter Southall Aspire is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles

www.psaspire.com

THE PARLIAMENTARY REVIEW
Highlighting best practice
THE PARLIAMENTARY REVIEW
Highlighting best practice
18 | PUNTER SOUTHALL ASPIRE
Chief Executive Steve Butler
CEO Steve Butler says that UK retirement savings business
Punter Southall Aspire has “a strong customer-focused
heritage with a modern and technology-led outlook”.
The firm unites pension consultancy work, workplace savings,
employee benefits and individual financial advice, all of which
are underpinned with modern technological solutions. Steve
tells the
Review
about the business’ vision and how the business
has adapted over the four years since its inception.
Our mission is to build a more financially informed and secure society by changing the
way people think about their savings.
Our core value is to drive innovation in money management. We are committed to
finding new ways to transform people’s financial future, to ensure simplicity in all our
communications and to embrace flexibility and use it to create opportunities.
Developing our business to meet the needs of the sector
Sweeping reforms have radically changed the pensions landscape in the last decade. The
gradual demise of defined benefit pensions was the result of employers struggling to pay
ongoing pensions liabilities. The introduction of auto-enrolment under the Pensions Act
2008 has brought at least ten to 11 million employees into a pension scheme and the
Pensions Freedom in 2015 made individuals responsible to manage their retirement income.
More people than ever before are saving for a pension, but the pensions world is
complex to navigate, and we have seen the emergence of a growing advice gap
affecting both corporations and their employees.
The advice gap for corporations
The advice gap is affecting employers in a number of ways. Auto-enrolment has
increased costs for every employer, and it has also added pressure – not only for
the correct implementation of schemes, but also to help their employees plan for a
financially secureretirement.
Many employers are grappling with how to better provide their employees with
pensions and which communication strategies and financial education styles they can
use to encourage them to save more.
Another key issue for employers is the fact we have an ageing workforce and a skills crisis
in many sectors. People are living and working longer, and many cannot afford to retire.
Employers will now need to ensure they can retain a healthy and productive older
workforce. They will need to consider carefully how best to manage them, the benefits
they need and how to ensure their skills and talents are used effectively.
The advice gap for individuals
Research has highlighted that despite auto-enrolment, people are ignoring pensions
savings, and are failing to save enough for retirement. When it comes to pension
drawdown, many are doing so without taking regulatedadvice.
AT A GLANCE
PUNTER SOUTHALL ASPIRE
»Chief Executive: Steve Butler
»Founded in 2016
»Located in London; 11 offices
across the UK
»Services: Investment advisory
business that helps corporates
and individuals to manage
their retirement savings
»No. of employees: 143
Punter Southall Aspire
BEST PRACTICE SPONSOR 2020
THE PARLIAMENTARY REVIEW
Highlighting best practice
18 | PUNTER SOUTHALL ASPIRE
Chief Executive Steve Butler
CEO Steve Butler says that UK retirement savings business
Punter Southall Aspire has “a strong customer-focused
heritage with a modern and technology-led outlook”.
The firm unites pension consultancy work, workplace savings,
employee benefits and individual financial advice, all of which
are underpinned with modern technological solutions. Steve
tells the
Review
about the business’ vision and how the business
has adapted over the four years since its inception.
Our mission is to build a more financially informed and secure society by changing the
way people think about their savings.
Our core value is to drive innovation in money management. We are committed to
finding new ways to transform people’s financial future, to ensure simplicity in all our
communications and to embrace flexibility and use it to create opportunities.
Developing our business to meet the needs of the sector
Sweeping reforms have radically changed the pensions landscape in the last decade. The
gradual demise of defined benefit pensions was the result of employers struggling to pay
ongoing pensions liabilities. The introduction of auto-enrolment under the Pensions Act
2008 has brought at least ten to 11 million employees into a pension scheme and the
Pensions Freedom in 2015 made individuals responsible to manage their retirement income.
More people than ever before are saving for a pension, but the pensions world is
complex to navigate, and we have seen the emergence of a growing advice gap
affecting both corporations and their employees.
The advice gap for corporations
The advice gap is affecting employers in a number of ways. Auto-enrolment has
increased costs for every employer, and it has also added pressure – not only for
the correct implementation of schemes, but also to help their employees plan for a
financially secureretirement.
Many employers are grappling with how to better provide their employees with
pensions and which communication strategies and financial education styles they can
use to encourage them to save more.
Another key issue for employers is the fact we have an ageing workforce and a skills crisis
in many sectors. People are living and working longer, and many cannot afford to retire.
Employers will now need to ensure they can retain a healthy and productive older
workforce. They will need to consider carefully how best to manage them, the benefits
they need and how to ensure their skills and talents are used effectively.
The advice gap for individuals
Research has highlighted that despite auto-enrolment, people are ignoring pensions
savings, and are failing to save enough for retirement. When it comes to pension
drawdown, many are doing so without taking regulatedadvice.
AT A GLANCE
PUNTER SOUTHALL ASPIRE
»Chief Executive: Steve Butler
»Founded in 2016
»Located in London; 11 offices
across the UK
»Services: Investment advisory
business that helps corporates
and individuals to manage
their retirement savings
»No. of employees: 143
Punter Southall Aspire
19PUNTER SOUTHALL ASPIRE |
FINANCIAL SERVICES
In 2018, we conducted research entitled
It’s Time to Change, surveying over
2,000 people in employment aged from
16 to over 65, from across the UK, with
regards to their views on pensions and
pensions communications.
Nearly half – 46 per cent – said their
biggest fear was not having enough
money in their retirement, but almost a
third – 30 per cent – admitted retirement
is not part of their current financial
planning. Two-thirds said they do not
know if they are saving enough for
retirement. The reasons for these findings
ranged from the inability to save more due
to other financial pressures, to apathy.
Since pension freedoms were introduced,
there has been a huge dash for cash. In
the two months after it was introduced,
more than 65,000 retired people took
a cash sum amounting to £1 billion of
funds removed at retirement. If people are
entering retirement without seeking any
regulated financial advice, they may not
fully understand the options open to them.
Addressing these challenges
Often the barrier that prevents people
from seeking advice is that it costs
money, coupled with the fact that,
traditionally, the financial advice market
has been viewed as fragmented and
regional. We are changing this.
We are offering whole-market advice to
both corporations and individuals. We
are building a business where financial
guidance, support and advice is not only
a privilege for the wealthy few but is
accessible and affordable for everyone.
For this reason, we are building a range
of solutions including face-to-face,
telephone and online advice, supported
by robust technologysystems.
Supporting companies
Our experienced consulting team is
helping employers and pensions trustees
across the UK develop an understanding
of all aspects of governance, investment,
administration and communications.
We are supporting employers to put
in place the best framework for their
employee’s pensions. Through offering a
robust pensions governance service and
toolkit, companies can measure their
scheme against the Pensions Regulator’s
key criteria for DCschemes.
We also help companies understand the
value of their investment in employee
benefits and we offer consultations for
employees approaching retirement.
Promoting diversity and
inclusion
Our CEO, Steve Butler, has focused
on building a culture where everyone
feels included, respected and able to
fulfil their potential. He has improved
inclusivity and diversity to increase
employee collaboration, performance,
empowerment and engagement.
In 2019 he replaced the executive
committee of eight senior male
managers with seven operational
committees including male and female
representatives from across the business.
This created diverse, multigenerational
teams who are contributing to the
business strategy.
Participation from female managers
increased from 0 per cent to 38 per cent.
Female employees said their involvement
in the OpCo had increased decision-
making and boosted their confidence in
addition to broadening their horizons.
Steve Butler is passionate about helping
companies manage the challenges of an
intergenerational workforce. Based on
his experiences, research and learnings,
he has written a book, Manage the gap:
Achieving success with intergenerational
teams, which was published in 2019.
The book looks at the challenges of
managing a diverse workplace and
how to build a culture of inclusion
anddiversity.
From day one, we have worked with
our vision to improve people’s financial
future for the better. That vision is as
strong today. Through our workplace
consultancy, next-generation savings and
investment solutions, employee benefits
services, technology and financial
planning services, we are committed
to providing innovative solutions that
will enable employers and employees
to achieve a better and brighter
financialfuture.
Manage the Gap:
Achieving Success
with Intergenerational
Teams
We are building
a business
where financial
guidance,
support and
advice is not
only a privilege
for the wealthy
few but is
accessible and
affordable for
everyone

www.psaspire.com

This article was sponsored by Punter Southall Aspire. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from Rt Hon Elizabeth Truss.

Rt Hon Elizabeth Truss's Foreword For The Parliamentary Review

By Rt Hon Elizabeth Truss

Even by the standards of the day –this has been one of the most exciting and unpredictable years in British politics.

The leadership election we’ve just seen marks a huge moment in our country’s history. This government is taking a decisive new direction, embracing the opportunities of Brexit and preparing our country to flourish outside the EU.

As international trade secretary, I’ll be driving forward work on the free trade agreements that are going to be a priority for the government. Free trade isn’t just an abstract concept bandied around by technocrats. It is crucial for a strong economy and for the ability of families to make ends meet. Free trade benefits people in every part of our country, as British firms export to new markets and people doing the weekly shop have access to a wider choice of goods at lower prices.

The essence of free trade is in the title: freedom. It’s about giving people the power to exchange their goods without heavy government taxation or interference. Commerce and free exchange are the engine room of prosperity and social mobility. I’m determined to tackle the forces who want to hold that back.

One of my priorities is agreeing an exciting new free trade deal with the US, building on the great relationship between our two countries and the Prime Minister and US President. But I’ll also be talking to other partners including New Zealand, Australia and fast-growing Asian markets.

And with the EU too, we want a friendly and constructive relationship, as constitutional equals, and as friends and partners in facing the challenges that lie ahead – a relationship based on a deep free trade agreement. Our country produces some of the world’s most successful exports, and the opportunity to bring these to the rest of the world should make us all excited about the future. It is this excitement, optimism and ambition which I believe will come to define this government.

For too long now, we have been told Britain isn’t big or important enough to survive outside the EU – that we have to accept a deal that reflects our reduced circumstances. I say that’s rubbish. With the right policies in place, we can be the most competitive, free-thinking, prosperous nation on Earth exporting to the world and leading in new developments like AI. To do that, we’ll give the brilliant next generation of entrepreneurs the tools they need to succeed. Since 2015, there has been a staggering 85 per cent rise in the number of businesses set up by 18 to 24 year olds – twice the level set up by the same age group in France and Germany. We’ll help them flourish by championing enterprise, cutting taxes and making regulation flexible and responsive to their needs.

As we do that, we’ll level up and unite all parts of the UK with great transport links, fibre broadband in every home and proper school funding, so everyone shares in our country’s success.

2019 has been the year of brewing economic and political revolution. 2020 will be the year when a revitalised Conservative government turbo charges the economy, boosts prospects for people across the country, and catapults Britain back to the forefront of the world stage.



Rt Hon Elizabeth Truss
Secretary of State for International Development