Retirement Strategy Group
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The current framework for Auto Enrolment combined with the challenges that consumers face and a general lack on engagement means that millions of households will reach retirement with insufficient savings to last for their retirements, leading to potential pensioner poverty and a greater reliance on state support.
TISA’s retirement strategy and policy & technical work aims to help individuals and households build financial resilience for retirement in order to improve quality of life and reliance on state support.
Benefits to consumers
MORE OPPORTUNITY TO ENGAGE WITH THEIR LONG-TERM SAVINGS AND DEVELOP AN UNDERSTANDING OF THE KEY AREAS OF CONSIDERATION AND CHALLENGES THROUGH THE DEVELOPMENT OF MORE PERSONALISED GUIDANCE
BETTER RETIREMENT OUTCOMES THROUGH THE INCREASE IN AE CONTRIBUTION LEVELS, REMOVAL OF THE LOWER EARNINGS LIMIT AND REDUCTION IN MINIMUM AGE TO 18
A BETTER STANDARD OF LIVING IN RETIREMENT WITH THE ABILITY TO MEET CERTAIN UNEXPECTED EXPENSES
Benefits to industry
A MORE ENGAGED CLIENT BASE WHICH IN TURN MAY LEAD TO A HIGHER LEVEL OF PENSION SAVING
CONSUMERS MAY DEVELOP MORE MEANINGFUL RELATIONSHIPS WITH THEIR PENSION PROVIDERS WHICH COULD LEAD TO A BETTER UNDERSTANDING OF CONSUMER NEEDS WITH A KNOCK-ON IMPACT OF INCREASED CONFIDENCE IN FINANCIAL SERVICES
Benefits to UK economy
AN ENGAGED POPULATION WHO ARE TAKING STEPS TO SAVE MORE AND WORK TOWARDS SELF-SUSTAINABILITY IN RETIREMENT
Benefits to consumers
NON-ADVISED DRAWDOWN CUSTOMERS SHOULD BENEFIT FROM STRONG CONSUMER FOCUSED PROVIDER PROPOSITIONS
FIRMS MAINTAIN AN ONGOING AWARENESS OF KEY AREAS OF FOCUS, HELPING WITH PRODUCT PROPOSITIONS AND DEVELOPING CONSUMER CONFIDENCE AND OUTCOMES
CONSUMERS ARE BETTER INFORMED AS FIRMS AND REGULATORS ARE AWARE OF THE GENERAL CHALLENGES FACED AND THE STEPS BEING TAKEN TO ADDRESS THOSE
Benefits to industry
PROVIDERS HAVE A CLEAR UNDERSTANDING OF REQUIREMENTS AND ARE BETTER EQUIPPED TO DELIVER STRONG PROPOSITIONS WHICH MAY ENHANCE REPUTATIONAL AWARENESS IN THE DRAWDOWN MARKET
REPRESENTATIVES OF FIRMS MAINTAIN AN ONGOING AWARENESS OF KEY AREAS OF FOCUS FOR THEIR ACTIVITIES WHICH HELPS IMPROVE CONSUMER CONFIDENCE
Benefits to UK economy
FCA REQUIRMENTS ARE MET AND PROVIDE OPTIMAL CONSUMER OUTCOMES
FIRMS STAY UP TO DATE WITH ALL REGULATORY CHANGES
POLICYMAKERS ARE AWARE OF THE ONGOING CHALLENGES BEING FACED AND CAN ADDRESS THESE
Retirement Strategy Group
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Getting Retirement Right: Plan, prepare, enjoy
Go toAn overview of the different types of pension schemes and their regulated body
A breakdown of the occupational pension scheme membership by sector
A breakdown of the private sector employee contribution rates
A history of total contributions to pensions by scheme type
Contributions – HMRC TABLE 1
