![]() |
Prevailing industry wisdom has been that while DB pensions are dying, auto-enrolment and the new flat-rate state pension will soon be able to pick up the baton. |
While it is possible to tell a relatively optimistic story about pensions in the UK, this masks the fact that the ‘DC cavalry’ will take a long time to arrive. This paper delves into the data to analyse under-saving for retirement in modern times. With barely one quarter of employees, overwhelmingly those in the public sector, now building up DB pension rights urgent action is needed to speed up the accumulation of DC pension pots. If not, millions of private sector workers could reach traditional retirement ages simply unable to afford to stop work or forced to retire in relative poverty or rely on non-pension savings.
Key discussion points include:
For the first time, the paper shows the trend in the DB pensions built up by private sector workers alone.
LCP data on the inflow into retirement from closed private sector schemes is analysed to show how rapidly DB income will peak and decline in coming years;
The state pension projections are updated, taking account of administrative data on the early years of the new state pension, showing how it is gradually reducing the state pension gender gap. The impact of the ‘triple lock’ policy is also considered;
New modelling from the Pension Policy Institute into future levels of DC saving for men and women over the coming two decades shows a much less rosy picture of the extent to which the rise of DC will come in time to offset DB decline; and
The implications for public policy around retirement on the back of this analysis.
|
|
|
|
Calling all actuarial associates! | ||
Flex / hybrid - Negotiable |
Actuarial Systems Manager | ||
South East / hybrid 3dpw office-based - Negotiable |
Actuarial Systems Consultant | ||
South East / hybrid 3dpw office-based - Negotiable |
Multiple Pensions Contracts | ||
London/Scotland/Remote - Negotiable |
Actuarial modelling expert - life ins... | ||
UK flex / hybrid 2-3 dpw office-based - Negotiable |
Professional Trustee | ||
London or Manchester / Hybrid 3dpw office-based - Negotiable |
Professional Trustee | ||
London or Manchester / Hybrid 3dpw office-based - Negotiable |
Products Expert - Life Insurance | ||
Scotland / hybrid 2 days per week office-based - Negotiable |
Senior Capital Modelling Actuary | ||
London - £150,000 Per Annum |
Senior Pricing Actuary | ||
Fully remote - Negotiable |
STAR EXCLUSIVE: GI model validation lead | ||
Flex / hybrid 1 dpw office-based - Negotiable |
NEW: In-house Pensions Actuary role | ||
London or North East with flexi working - Negotiable |
Scheme Actuary | ||
South East / hybrid 2 dpw in the office - Negotiable |
Varied Pensions Actuarial Manager | ||
UK-wide / hybrid 2 dpw office-based - Negotiable |
Investment Consultant | ||
South West / hybrid 2 dpw office-based - Negotiable |
Senior Actuarial Trainee - BPA | ||
Flex / hybrid 2-3 dpw office-based - Negotiable |
BPA Pricing Lead | ||
Flex / hybrid with 2 days p/w office-based - Negotiable |
BPA Pricing Actuaries | ||
Flex / hybrid 2-3 dpw office-based - Negotiable |
BPA Pricing Senior Actuary | ||
Flexible / hybrid with 2 days p/w office-based - Negotiable |
Solvency II GI Contractor - Immediate... | ||
London / hybrid - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.