Date(s) - 24/05/2016
4:30 pm - 6:30 pm
Strategic Society Centre
A public debate on the state of the UK’s retirement income strategy.
Speakers at this event will include:
- Graham Vidler, Director of External Affairs, Pensions and Lifetime Savings Association
- Jane Vass, Head of Policy, Age UK
- James Lloyd, Director, Strategic Society Centre
- Chair: Josephine Cumbo, Pensions Correspondent, Financial Times
- Others tbc.
This event is free and to all; however, registration is required. If you would like to attend, please register here.
Twitter hashtag: #incomeflux
Following the recommendations of the Pension Commission, the UK’s retirement income strategy was clear: incentivised contributions to decent workplace pension schemes in order to provide a guaranteed income in retirement.
However, over the last two years, the government has upended this strategy.
First, the Freedom and Choice changes scrapped the expectation that retirement savings are used to fund a guaranteed retirement income. Second, the launch of the Lifetime ISA creates a direct – and for some, more attractive – rival to workplace pension schemes as a means to save for retirement and a home.
With an axe continuing to hang over pension tax-relief, further change can be expected, potentially within the next 12 months.
These developments raise profound questions around the UK’s retirement income strategy, what it is trying to achieve and how.
This event will explore:
- Strategy – does the UK still have a coherent retirement income strategy? Why has the Pension Commission consensus unwound after nearly a decade?
- Political resilience – what will the emerging system look like in 10 to 20 years? For example, how much will the Lifetime ISA savings bonus be worth in future?
- Flux – what is the capacity of the public to make sense of recent changes, and what will be the effect on their financial behaviour?
- Incentives – how much should the government spend on incentivising retirement saving? What is the merit of tax-relief versus savings bonuses?
- Capacity – what is the capacity of employers and financial providers to respond to ongoing changes?
- Income levels – what will the emerging framework mean for retirement incomes? Will policymakers in future want to go back to the pillars of the Pension Commission framework?