Bringing together leading voices from across the pensions industry, the publication highlights the much-needed debate on the state of the retirement income system and the steps needed to achieve better outcomes in retirement for DC members moving forward.
At a time when the traditional concept of retirement is changing - and with the normal minimum pension age due to increase - the report focuses on age 57 and beyond.
The publication shares views from industry experts on seven key areas:
• Member communications: Sarah Hawke, Quietroom
• Investment strategy from a consultant’s perspective: Anran Chen, Arash Nasi & Russell Wright, Redington
• Investments from an asset manager’s perspective: Philip May, Capital Group
• Regulation: Emma Martin, Sackers
• Advice and guidance: Tom McPhail, The Lang Cat
• Product innovation: Mark Ormston, Retirement Line
• Technology: Vaughan Jenkins, Moneyhub
Jonathan Parker, Head of DC & Financial Wellbeing at Redington, commented: “The world is in a very different place to when the Old Age Pensions Bill was launched in 1908. DC is now the norm, and has triggered a clear and steady shift in responsibility for saving, with individuals now bearing the brunt of the risk.
“The real-world implications of the ‘pension freedoms’ are now starting to be felt, leaving many members confused and potentially very vulnerable. If we are to help minimise the chances of people sleepwalking into poor outcomes in retirement, then they're going to need more support.”
Redington is calling upon the pensions industry to engage with the themes raised in the publication via a series of open roundtable discussions.
Parker continued: “It is by no means all doom and gloom: new and evolving technology, such as Open Finance and pensions dashboard, has the potential to revolutionise the way we can interact with our pensions, and the ‘in retirement’ investment space is ripe for innovation. However, there is still some way to go and so our goal is to engage with the industry and spark change, as we look to deliver on our mission to help make 100 million people financially secure – for the benefit of people and the planet.
In launching this report, we hope to inspire others from across the industry to join the conversation so we can begin driving forward practical, achievable solutions to support members in their decision-making and ultimately secure themselves a sustainable income in later life.”
The full Future of Retirement Income publication can be accessed here
Anyone wishing to join the conversation can do so via #FutureOfRetirement or by contacting Russell Wright, SVP – Defined Contribution: Russell.wright@redington.co.uk.
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