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Against a backdrop of 15 million people not saving enough for their retirement and the government establishing a Pensions Commission to consider the issue, the Society of Pension Professionals (SPP) have held the second in a series of events on pensions adequacy. |
The event was attended by almost 200 pension professionals and focused on lifetime savings beyond pensions.
Attendees were asked if property has a role to play in supporting individuals’ retirement income.
An overwhelmingly majority of nine in ten (90%) answered ‘yes’ and just one in ten (10%) said ‘no’.
Attendees were also asked to what degree they thought pensions should support an individual’s broader financial needs.
Almost half of respondents (46%) thought that pensions should play a broader role; just over a quarter (28%) thought that pensions should play ‘a limited role, with careful design’; around one in five (22%) said that they were open minded about the role of pension savings; and only 4% answered “not at all”.
SPP Council member Calum Cooper, who chaired the event, said: “This SPP polling demonstrates an increasing recognition that individuals may need to draw on a range of assets and savings vehicles to achieve the standard of living they expect in later life, rather than being solely reliant on pensions.
These findings also indicate significant support for the pensions ecosystem to evolve in a way that better reflects people’s wider financial needs, while still maintaining their core purpose of providing a sustainable retirement income. Of course, any pathway to achieving this will take great skill and care.”
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