Pensions,Work and Retirement

Monday 16th March 2015; 08:00 (for an 8:30 start) – 10:00; Great Hall, Chartered Insurance Institute, 20 Aldermanbury, London, EC2V 7HY

On the 16th of March we launched “Here today, gone tomorrow: How today’s retirement choices could affect financial resilience over the long term?”, new ILC-UK research made possible with the support of Aviva.

Launching two days before the 2015 budget and less than a month before the new pensions freedoms come into effect, we believe this report is timely. While the new freedoms have been a source of much debate and speculation since they were announced in the Budget of 2014, there has been little or no quantitative research into the long-term impact on retirees’ finances.

This report is the first detailed exploration of what certain choices made today could mean for overall levels of retirement income adequacy over the next 30 years. Using in-depth analysis of the largest representative survey of people over 50 in England (the English Longitudinal Study of Ageing), it quantifies the potential level of consumer harm associated with particular choices and outlines which consumer segments are most at risk of facing income shortfalls if they make certain decisions. It is therefore a must read for industry, regulators, policymakers and consumer bodies.

This report is the first part of a wider programme of ILC-UK work entitled Sustainable Older Society 2020 (SOS 2020). The SOS 2020 project aims to develop intergenerational solutions to deliver an economically sustainable and long term approach to an ageing society. There are two branches to the project, this one which focuses on finance and another with a focus on health.

Chair: Baroness Sally Greengross (ILC-UK)
Speakers included: David Thomson (CII), Ben Franklin (ILC-UK), Jackie Spencer (Money Advice Service), John Lawson (Aviva UK), Jackie Wells (NAPF)

Ben Franklin's slides from the event are available below: