More in this section

Sorry, run that past me again?

Let’s face it, who hasn't heard some incomprehensible pseudo management speak and thought ‘what the hell does that mean while all around you nod sagely?

‘We need a more blue-sky approach to global third-generation hardware’.  Why not just say our computer systems need replacing with something that works? Or, my favourite, ‘exploratory research points to homogenised administrative flexibility.’  Which really means, our customers have told us that our admin isn’t very good.

While some organisations have been battling for years to improve how organisations can ‘cut the jargon’, notably, the Plain English Campaign, to whom I am indebted for the above examples, explaining solutions to financial problems to those who have little experience of these matters and in terms they can understand, is a responsibility that weighs heavily on all financial organisations. Pension couple picture

Take pensions for example.

2015 sees the introduction of overdue reforms that will allow savers to have unprecedented access to their funds – take it all at once, or in stages or keep it invested. So granny could swap her Nissan Micra for a convertible AMG SLK, or buy a nice two up and two down to rent to her grandchildren. But, and here’s the rub, only if she fully understands what the implications are of a ‘pension drawdown’, sorry I mean taking some of your own money back.

And do you know what a ‘trivial commutation’ is? And no, before you ask, it is not a short easy walk to the office, it’s actually the term used to describe the current situation if you are aged 60 and over and have overall pension savings of less than £30k, you can take it all out in one lump sum.

As for some of the other changes in the timeline, don’t worry, Mr Osborne is on our side and has made the situation very clear. According to a very nice infographic on HMG’s website, the Government has ‘already introduced the triple-lock on the up-rating of the basic state pension and from April 2-16 we’re introducing a simple single-tier pension.’

Good. Well, that’s that sorted then.

Ironically, then the message is clear. If we are talking to real people about real financial situations, then let’s use words that people really understand! 

By Alistair Nimmo

comments powered by Disqus
Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
Follow Us