The Actuarial Profession and ILC-UK joint debate: Retirement Income Summit
At the end of February 2012, ILC-UK, with the support of Partnership, published a report which explored the impact of the Retail Distribution Review (RDR) on people with small pension pots.
Whilst the report supported the principles of the RDR, it expressed worries about the creation of an ‘advice gap’ where the poorest and least well-off pensioners might fail to receive critical financial advice.
Since the publication of the report, Government, the FSA and HM Treasury have taken forward a number of positive policy initiatives, some of which addressed some of the issues in the ILC-UK report.This summit is being convened with a view of creating a policy consensus to tackle the challenges ahead. The Retirement Income Summit will be focused on three specific themes. Senior representatives from Government, industry and consumer organisations will debate:
- Post RDR financial advice may be beyond the means of the average person. How can we fill the advice gap?
- People with average sized pension pots are entitled to reasonable outcomes. How can we improve the pensions annuity process for the consumer and industry?
- Good regulation protects the consumer but it must not inadvertently damage the potential of products and services to increase pensioner income? How can we ensure that the length and complexity of communications required by legislation does not damage communications?
Welcome and Presentations:12:55 -15:00
Coffee & tea break: 15:00 - 15:20
Presentations: 15:20 - 17:45
Wine reception: 17:45 - 19:00