NEWS:


Ben Franklin, Assistant Director of Research and Policy, International Longevity Centre – UK said:

‘The FCA’s Retirement Outcomes Review contains a set of very sensible recommendations for addressing the challenges posed by pensions freedoms, namely lack of engagement, taking the path of least resistance and a desire to take savings as cash.

In particular we think investment pathways to prevent particularly sub-optimal drawdown outcomes is a useful development. There is of course a more fundamental question about the long-term impact on the consumer of moving away from products that insure against longevity risk (annuities) and towards products that continue to expose consumers to investment risks in retirement (drawdown).

In this regard the regulator can only go so far. Public policy, industry and consumer bodies will need to work together to ensure this shift does not cause excessive consumer harm'.

End
 

Contact

Dave Eaton at davideaton@ilcuk.org.uk or 020 7340 0440.

About

The International Longevity Centre – UK (ILC-UK) is a futures organisation focussed on some of the biggest challenges facing Government and society in the context of demographic change.

Much of our work is directed at the highest levels of Government and the civil service, both in London and Brussels. We have a reputation as a respected think tank which works, often with key partners, to inform important decision-making processes.

Our policy remit is broad, and covers everything from pensions and financial planning, to health and social care, housing design, and age discrimination. We work primarily with central government, but also actively build relationships with local government, the private sector and relevant professional and academic associations.

TOP STORIES

New data analysis reveals the vast market for health apps – including the 760,000 ‘living fast, dying young’ under 40s who smoke, drink frequently, have a smart phone and regularly use the internet.

We are recruiting for a temporary Events Coordinator to coordinate and support our busy events calendar for the remainder of 2018, build on our external communications and assist the Head of External Affairs on communications around our Future of Ageing conference.

New international report explores the relationship between life expectancy and productivity in developed countries.

ILC-UK are once again looking for someone to speak for 10 minutes on the plenary platform in front of 250 people at our annual Future of Ageing Conference (29th November, London).

“Auto-enrolment has successfully led to millions more saving each month towards a pension, but the Committee is right to call for action to get people saving more. We are pleased they support our recommendations to consider automatic escalation of pension contributions for some individuals, and we agree that a strategy is needed to automatically-enrol the self-employed."

Dr Brian Beach, Senior Research Fellow at ILC-UK and who gave oral evidence to the Committee, welcomes the Committee’s call for stronger action by Government and EHRC and says it’s crucial that employers understand what ageism really is.

CATEGORIES: