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UK. We need more retirement products to help DC savers
In its first nine years, auto-enrolment’s incredible success has been built on how much people have been able to save into their pension pots.
Now the time has come to give serious consideration to how this new generation of savers will turn these savings into a reliable pension income.
This is because in the next decade people reliant on defined contribution workplace pensions to supplement the state pension will start to retire in large numbers.
What this means is that policymakers and providers need to make it easier to take a sustainable income from a DC pension – something that an overwhelming majority of savers say they want.
As it stands, the retirement options for the millions of people who only have DC savings are both complicated to use and require a certain level of expertise to achieve a sustainable level of retirement income.
Along with asset manager State Street Global Advisors, we have published “New Choices, Big Decisions”, which reveals how the average saver finds it difficult to navigate the retirement choices available to them.
Read more @FT Adviser
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