Pension news and articles written by actuaries for actuaries - read the latest research pieces, today's news and latest articles in the Pension's market.

Millennials pension ambitions out of this world

By Angela Seymour Jackson – Managing Director, Workplace Solutions, Aegon UK
This would require a savings pot of over £1.5million, a sum above the pension lifetime allowance (£1.25m), and well above what the lifetime allowance is set to come down to on 6 April 2016 (£1m).To achieve a pot of this size, a person aged 20 who is aiming to retire at age 68, would need to save £500 a month, assuming a 5% net return on their investments. 
When we consider target retirement age, the demands become even greater on this age group, with our research showing 16 to 24 year olds are actually hoping to retire at 63. It may come as quite a shock to them, but in order to realise this ambition, they would have to put away even more, saving as much as £800 a month*. In reality, three fifths of this age group don’t contribute any money to their pension pot at all.
The danger for young savers, aside from their unrealistic pension goals, is the shift from DB to DC schemes. No longer are employers handing out these gold plated pensions, instead, it’s on the individual to ensure they’re putting enough aside for their future.
Another danger is an absence of any ...Read More

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Are the same mistakes being made after Pension Freedoms?

By Lee ColesHead of life after work, Jelf Employee Benefits
There is a palpable need for education, yet the same old familiar mistakes which were present prior to Pension Freedom are being repeated now.
So where are employers going wrong?
The ostrich approach
Not providing any form of financial education is a path chosen by many employers, either because the subject has been considered and discounted, or simply ignored. The principal reasons for rejection are time and cost, which assumes financial education doesn’t save a business time or...Read More

Why small pots are a big problem

By Dale Critchley, Technical Reform Manager, Corporate Benefits - Friends Life, part of the Aviva Group
 Secondly, with the arrival of auto-enrolment, this trend will increase: even relatively short-lived jobs might lead to a new pension pot being created.
Even if an employee does trace all their individual pots down, the outcome can be far from satisfactory. Ten different pots on ten different systems are not only difficult to manage but they make it difficult to get full picture of what to expect in retirement, and thus do not help to engage employees with their pension saving...Read More

Grumpy Old Pension Men: 26 April 2013

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