Can we afford to retire?
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- Clementine Morton
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1 Can we afford to retire? James Walsh Pensions and Lifetime Savings Rob Yuille Association of British Teresa Fritz Money #TalkMoney #FinCap17
2 Hitting the Target James Walsh Policy Lead: Engagement, EU and Regulation Pensions and Lifetime Saving Association
3 Financial Capability PLSA Conference Challenge 1. Subtitle maximum 2 lines Overall explanation Lorem ipsum biscidus vendita. Uptat as voluptatet labor repra volenis rehenessi dios ea inisi doluptae ectas non nitam. 3 Client Name
4 Financial Capability 1. Subtitle maximum 2 lines Overall explanation Lorem ipsum biscidus vendita. Uptat as voluptatet labor repra volenis rehenessi dios ea inisi doluptae ectas non nitam. 4 Client Name
5 Financial Capability 5 Client Name
6 Financial Capability Helping people understand how much to save Do you know how much you will need in retirement? 77% 23% 100% 80% 60% 40% Would National Retirement Income Targets help you to save for a particular lifestyle? 80% Know Don't Know 20% 0% 4% 16% Yes No Don't Know
7 The role of targets Financial Capability
8 Financial Capability Lessons from Australia $43,695 (single) $60,063 (couple) $24,270 (single) $34,911 (couple) $21,164 (single) $31,907 (couple)
9 Financial Capability PLSA Proposals: National Retirement Income Targets Three levels: minimum modest comfortable Based on baskets of goods & services - products and services available at each income level. Also take account of: Age Regional Variations Household Composition single / couple
10 Financial Capability PLSA Proposals: National Retirement Income Targets Three levels: minimum - JRF Minimum Income Standard ( 9,998) modest ,000 comfortable ,000 Based on baskets of goods & services - products and services available at each income level. Also take account of: Age Regional Variations Household Composition single / couple
11 Financial Capability PLSA proposals to Hit the target Automatic Enrolment Pension Tax Relief Property Working Longer Scheme Governance Decumulation Engagement Your views please! by 12 January
12 Thank you #TalkMoney #FinCap17
13 Can we afford to retire? Rob Yuille Head of Retirement Policy Association of British Insurers
14 Financial Capability How do we know if we can afford to retire? Pensions dashboards will enable people to see all their pensions online together. What is the role of the industry and Government in delivering them? How does this fit into the wider financial capability challenge? 14 Client Name
15 Financial Capability When the concept of a dashboard is introduced, people are excited about it and feel it has a major role to play in helping them feel more in control and able to make informed decisions. 2CV research for Pensions Dashboard Project and Money Advice Service September
16 Background Policy drivers and consumer needs Budget 2016: Government will ensure industry designs, funds and launches a pensions dashboard by 2019 Auto-enrolment: millions of new pension savers Freedom and Choice: consumer expectation of control Recommendation in Financial Advice Market Review Remedy in FCA Retirement Income Market Study 11 pension pots during an average career (DWP) Very time-consuming to obtain pensions overview 400+ million in unclaimed pension savings (DWP) 400+ million dormant assets (Dormant Assets Commission) Increasing longevity but decline of DB pensions in private sector makes better awareness of retirement preparation key Consumer expectations rising given on-line experiences elsewhere Policy drivers reflect consumer needs several policy objectives benefit from Pensions Dashboards
17 Pensions landscape: The size of the challenge Insurers 30+ firms SIPP/personal pension 130+ firms Third-party administrator 25+ firms Master trusts 70+ trusts Public sector DB in-house 220+ schemes Private sector DB in-house 8,600+ schemes 35 million pension pots 4 million pension pots 18 million pension pots 7 million pension pots 11 million pension pots 6 million pension pots Sources: ABI, TPR, HMT and FCA data 2016 Complex landscape of 80million+ pots but around 100 parties administer 80% of pots
18 Where we are now, and how we got here OIX pension finder alpha Dashboard prototype project Dashboard interim project Feasibility study Led by Money Advice Service Industry-led, reporting to HMT Industry-led DWP Jan 2016 May 2016 Sept 2016 May 2017 May 2017 Sept 2017 Oct 2017 Apr 2018
19 Pensions Dashboard
20 Data standards Requirements Engaging industry and regulators on guidelines Identifying minimum viable product Review of data quality Digital identity
21 Consumer research Industry research Workshop with consumer organisations Qualitative consumer research International research & interviews Interviews with stakeholders across the industry Workshop with industry associations
22 Recommendations to enable pensions dashboards Ensure data is comprehensive Enable a network of trust Make it happen Legislate to compel schemes to share data at customer s request Include State Pension data Endorse a non-commercial service Enable Open Pensions data sharing via third parties Regulate third party services showing customers data Set an implementation and funding plan, timetable and communications Establish an implementation entity and governance body Ensure it works Endorse common data standards Back a pension finder infrastructure linking schemes to dashboards Agree an identity assurance scheme
23 Financial Capability What do consumers need and expect? Reconnecting people with their lost pension pots Helping people understand the complete picture of how much pension money they have in total, what this may mean for their retirement income and potential lifestyle Allowing comparison of pensions to support decisions (e.g. consolidation) People expect a Dashboard to support these needs and want to see information that helps them take action. 2CV research for Pensions Dashboard Project and Money Advice Service September
24 Financial Capability Dashboards and the wider financial capability challenge Pensions dashboard Saving more through automatic enrolment Identifying and supporting potentially vulnerable customers Simpler annual statements Simplified pensions language Midlife MOT Getting more people to guidance Getting more people to advice Short, simple retirement communications National retirement income targets Rules of thumb Better retirement risk warnings Improved process for retirement choices In-retirement communications We need a coherent long term strategy for long term savings, which promotes engagement. Financial capability, advice and guidance are at the centre of this challenge. 24
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