7 November 2013
The Institute and Faculty of Actuaries (IFoA) has played an active role in the development of defined ambition pensions, and will continue to do so. Nick Salter, President- Elect, IFoA, has commented on the report published today on defined ambition pensions by the Department for Work and Pensions (DWP).
"The pensions landscape is changing, the age profile of society is changing and there are big questions to be answered about later life income and how pensions should be structured to meet people’s future financial needs.
In 2012 the IFoA undertook market research to ascertain if there was an appetite in the market place for a guaranteed pension; the answer was a firm yes.
Whilst the road ahead is not yet clear cut, the work undertaken by the DWP on Defined Ambition, outlined in today’s paper, is a step towards this and offers a lot of fresh thinking for the pensions industry to consider and use to expand upon the range of options already available.
There are clearly considerable challenges ahead and working with the DWP and the rest of the pensions industry, actuaries have an important role to play in helping to identify how to overcome them."
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