Older Consumers,Work and Retirement

Wednesday 14th January 2015; 08:30 (for an 08:45 start) - 10:30; EY, 1 More London Place, London SE1 2AF

During the 2014 Budget, the Chancellor announced widespread reforms for individuals accessing defined contribution pensions at retirement. Most dramatically, he proposed abolishing the effective requirement to annuitise altogether. Under the new system anyone, regardless of the size of their pension pot, will be able to choose between drawdown or other products, annuitisation or full withdrawal, but they need to know what to do.

On 14th January 2015, ILC-UK published a major piece of qualitative and quantitative consumer research which explores how people might behave under the new policy framework and ascertain what their preferences are for taking an income in retirement and why.

During the event and debate we explored:

  • What consumers plan to do as a result of the new pension freedoms?
  • The extent to which consumers understand the decisions they are likely to need to make to best realise an income in retirement
  • How to make guidance and advice effective?

The research has been supported by a consortium of industry partners (Just Retirement, LV, Partnership, Key Retirement and EY).

Agenda from the event

08:30 - 08:45 - Registration

08:45 - 08:50 - Welcome by Chair
Lawrence Churchill (ILC-UK Trustee)

08:50 - 09:00 - Presentation of research
Ben Franklin (Senior Research Fellow, ILC-UK)

09:00 - 09:25 - Presentations from:
The Rt Hon. the Lord Hutton of Furness (Former Secretary of State for Work and Pensions (2005-07); Member of the Public Service and Demographic Change Committee (2013 - 13))
Dean Mirfin (Group Director - KR Group, Key Retirement)
Dr Ros Altmann (UK Government's Older Workers Business Champion)
Maggie Craig (Acting Head of Savings and Investment Division; Policy, Risk & Research Division, Financial Conduct Authority)

09:25 - 10:25 - Discussion and Q&A, including responses from additional panel members:
Jackie Wells (Head of Policy and Research, National Association of Pension Funds (NAPF))
Jane Vass (Head of Public Policy, Age UK)

10:25 - 10:30 - Close by Chair
Lawrence Churchill (ILC-UK Trustee)

Video clips from the event are available to view on YouTube here:

Presentation slides from the event are available to view below: