Engaging individuals to plan and to save for their retirement is the most pressing challenge in the current pensions landscape. The decline of defined benefit pensions and the increase in defined contribution pensions is transferring the responsibility for securing an adequate income in retirement from employers to individuals. Yet many individuals do not know what level of savings they need to have an adequate income in retirement.
The UK Government has taken some successful steps to start to address savings issues, through the implementation of Automatic Enrolment. But there are still a number of actions individuals, employers, the pensions and advice industry, and Government could take to improve individuals’ financial capability and help them to understand what an adequate retirement income could look like for them, and how to meet their retirement income goals.
There has perhaps never been a busier time in UK pensions policy, with changes afoot that touch almost every aspect of a pension scheme’s funding and operation. The IFoA Pensions Board has been at the very centre of the key debates, from the Pensions Schemes Bill and TPR’s new Code of Practice to GMP equalisation and consolidation. Perhaps most importantly, we have raised our voices loud and applied our unique technical expertise, to the critical national issue of Defined Contribution Scheme adequacy, seeking to ensure that people are able to enjoy a comfortable retirement .”
Mark Williams, Chair, Pensions Board
Pensions Policy Papers
CP20/3: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations1 October 2020
- 23 December 2019
- 24 September 2019
CP19/5 Retirement Outcomes Review: Investment pathways and other proposed changes to our rules and guidance5 April 2019
- 3 April 2019
- 4 February 2019
- 28 January 2019
- 17 January 2019
- 26 October 2018
IFoA response to PPF consultation on assumptions to be used for valuations under section 143 and section 179 of the Pensions Act 20021 September 2018
- 7 September 2018
- 9 August 2018
- 21 August 2018
IFoA response to House of Lords Economic Affairs Select Committee Call for evidence into use of the retail price index21 August 2018
- 18 July 2018
- 16 July 2018
IFoA response to tPR and FCA Regulating the pensions and retirement income sector_ our strategic approach19 June 2018
- 31 May 2018
IFoA response to Work and Pensions Committee Collective defined contribution pension schemes inquiry1 February 2018
- 16 January 2018
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We’ve all heard about the gender pay gap. Sadly, the gap doesn’t just exist with base pay.
Research carried out by Legal & General in 2021 across the four million members in our Defined Contribution (DC) pensions, found that there’s a gender pension gap too, continuing the divide between men and women.
As current global events continue to demonstrate, geopolitical tensions present significant risks to corporates of all sizes. However, these types of risk are often not given the discussion time it needs at the board level or executive committee levels, nor the resources required to anticipate, analyse and mitigate them effectively.
At retirement, it has become very popular for those with Defined Contribution (DC) pensions to choose drawdown rather than an annuity, but drawing a sustainable lifetime income in this way is an impossible challenge for most people. We consider a Decumulation Pathway for the typical consumer, where a small part of the DC fund is set aside for any flexible access and legacy requirements. The bulk is then used to provide a lifetime income, utilising the pooling or insuring of longevity risk.
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.
In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.
The Business of the AGM
Join newly inaugurated IFoA President, Matt Saker, for his Presidential Address.
We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.