Pensions - Articles - Chancellors focus on guided retirement for pensions savers

 “It is now time to review the workplace and state pension frameworks, including for the self-employed, and more importantly to make some decisions on how to help UK pension savers achieve a comfortable retirement. This might not mean immediate change but putting a roadmap in place for the future will help individuals and their employers to plan.

 “The IFoA is very supportive of guided retirement products that help individuals drawdown on their pension. We would like to see a clear, rapid path to their introduction in the UK. This includes options like ‘retirement only’ collective defined contribution schemes. Another area that requires immediate attention is the take up of pensions advice and guidance. Whether through encouraging better usage of government services like ‘PensionWise’ or through allowing those who can pay for advice from their pension pot, more access to advice will help UK savers plan their retirement.

 “Finally, a pensions adequacy review needs to think about pensions in a wider world. We would like to see a focus on the way people are encouraged to think about their pensions throughout their working life – this includes through better communication and enhanced provision of information, advice and guidance”.