Retirement Strategy Group

Help individuals and households build financial resilience for retirement in order to improve quality of life and reduce reliance on state support

Industry challenge

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.

Group purpose

The purpose of this group is to identify strategic initiatives from evidence-based research which will enable consumers to build financial resilience during their lifetime, ensuring financial security in retirement.  The initiatives will be used to engage with key government stakeholders to influence policy change.

Areas of focus

  • ACCUMULATION: To enable Auto-Enrolled scheme members to achieve an appropriately sized pension pot for their household retirement needs
  • DECUMULATION: To improve individual Decumulation outcomes through enhanced communication and the removal of restrictive legislation which creates inequality.

Group strategy

Goal/s:  a) Have the two AE proposals emanating from the 2017 review conducted, placed into legislation in 2022 – removal of the lower earnings limit (which is prejudicing low-earners) and reduction in minimum age to 18; b) Persuade DWP to initiative a 2nd official review of AE in 2022; c) Introduce greater flexibility for low earners in the AE framework; d) Incrementally increase minimum contributions to 12% of salary – 6% matched commencing 2027 and completing 2032.

Strategy:  1) Engagement with HMT and DWP to persuade them of the necessity to implement the proposals; 2) Engagement with CBI to understand employer appetite and capability to accommodate contribution increases; 3) Production of paper introducing new insights in how AE is impacting low earners.

Participating member firms


Aegon UK Plc

Aviva UK Insurance

Barclays Wealth

Baringa Partners LLP

Blackrock Investment Management (UK) Limited

Brewin Dolphin Ltd

Hargreaves Lansdown

L & G plc

Quilter PLC

Scottish Widows Plc


Renny Biggins,
Head of Retirement leads on this work at TISA

If you are a TISA member, and would like to get involved with the retirement work, please get in touch

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