All Retirement articles – Page 18
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News
AE savings rate undershoots by 5 per cent a year, says Fidelity
On the go: Workers in the UK need to save a total of 13 per cent of their annual household income from the age of 25 and aim to have seven times their annual household income saved by age 68, according to Fidelity International.
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News
UK employees set to work until they drop
On the go: The number of “early retirees” is at a 23-year low, according to latest employment figures from the Office for National Statistics, signalling that despite vestiges of ageism the older worker is in the ascendant.
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OpinionBetter guidance means better retirement decisions
The doomsayers have largely been proven wrong about freedom and choice, writes Standard Life’s Jamie Jenkins, but the weight of responsibility on today’s retirees means warnings about scams and inflation risks, alongside a long-term focus on education, are needed.
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News
Pensions gender pay gap reaches 40 per cent
On the go: Women retire with pension incomes almost 40 per cent lower than men on average, according to new research, despite recent legal efforts to ensure equality in the state pension system.
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News
Pension savers overtaxed by 'staggering' £372.5m
On the go: The government faces growing pressure to review ‘emergency tax’ treatment of pension freedoms withdrawals, after it was revealed that a staggering £372.5m has now been reclaimed by pension savers since the freedoms were launched in April 2015.
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OpinionWhy we need to better understand Generation AE
The pensions industry is only just getting to grips with the needs and expectations of the first-time savers created by auto-enrolment. Nigel Peaple of the Pensions and Lifetime Savings Association explains the implications for pensions policy of ongoing research in this field.
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FeaturesJLT switch to TDF default sees boost in engagement
An overhaul of the default arrangement in the Jardine Lloyd Thompson Pension Scheme’s defined contribution section, switching from a lifestyle arrangement to target date funds, has brought its more engaged members back from their self-select funds.
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NewsThree big ideas for better member engagement
For all the successes of behavioural finance and auto-enrolment, the weight of retirement decisions on savers means member engagement is still important. Three experts pitch their ideas to improve scheme communications.
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News
Joint watchdog strategy to include consumer journey review
The Financial Conduct Authority and the Pensions Regulator have launched a joint regulatory strategy to deliver better outcomes for pension savers, with priorities including a planned consumer journey review and a focus on driving value for money.
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News
Providers say retirement defaults could help poorer pensioners
Research highlighting the increasingly complex financial decisions and lower levels of income facing the next generation of retirees has led to renewed calls for default pathways through retirement.
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OpinionLooking ahead for pensions
Helping individuals engage with their pensions more easily will help the industry attract new savers, ensuring even more people are preparing for later life, says Guy Opperman, minister for pensions and financial inclusion.
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News
Lessons from Oz: Former regulator urges hybrid product adoption
A former deputy chairman of the Australian Securities and Investments Commission has urged UK defined contribution schemes to better protect members by developing default retirement products combining drawdown and lifetime income.
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Opinion
DC Debate Q3: Getting the right amount of risk in defaults
In the first instalment of this quarter's DC Debate, five experts dive into the appropriate amounts of risk and diversification for defined contribution members at various points in their savings journey.
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OpinionHow to tailor comms to changing work patterns
Tailored communications and a campaign approach can make all the difference when trying to engage scheme members, says AHC’s Karen Partridge.
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News
DB transfers heading into costly drawdown products, research finds
Defined benefit members transferring out of their scheme to take advantage of freedom and choice may be wasting money on fees for flexibilities they are unlikely to use, according to a new report.
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OpinionGuidance will have to replace advice for low earners
Independent financial advice is simply not an option for many lower earners striving for a comfortable retirement, so key changes are needed to upgrade the quality of guidance, says Charles McCready of the Tax Incentivised Savings Association.
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News
Improved engagement more urgent than product innovation, says PPI
Savers can achieve positive outcomes with the range of products already available to them, according to a Pensions Policy Institute report emphasising the importance of engagement in helping people make more informed decisions.
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OpinionBoost innovation and understanding
There needs to be a shift in public policy to create a savings culture and boost understanding, argues Lesley Carline, vice-president of the Pensions Management Institute.
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News
PLSA pushes for retirement income targets and AE increases
The Pensions and Lifetime Savings Association has set out its final recommendations from its ‘Hitting the Target’ consultation, calling for an increase in minimum auto-enrolment contributions to 12 per cent, and the introduction of retirement income targets.
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OpinionWhat can be done to address ‘survival pessimism’ in pensions?
Club Vita’s Nick Chadwick and Erik Pickett discuss the role of the pensions industry and government in communicating the uncertainty in future lifespans and designing products that help people manage this risk.