Retirement The current framework for Auto Enrolment combined with the challenges that consumers face and a general lack on engagement means that millions of households will reach retirement with insufficient savings to last for their retirements, leading to potential pensioner poverty and a greater reliance on state support. TISA’s retirement strategy and policy & technical work aims to help individuals and households build financial resilience for retirement in order to improve quality of life and reliance on state support. Retirement Strategy Work Benefits to consumers MORE OPPORTUNITY TO ENGAGE WITH THEIR LONG-TERM SAVINGS AND DEVELOP AN UNDERSTANDING OF THE KEY AREAS OF CONSIDERATION AND CHALLENGES THROUGH THE DEVELOPMENT OF MORE PERSONALISED GUIDANCE BETTER RETIREMENT OUTCOMES THROUGH THE INCREASE IN AE CONTRIBUTION LEVELS, REMOVAL OF THE LOWER EARNINGS LIMIT AND REDUCTION IN MINIMUM AGE TO 18 A BETTER STANDARD OF LIVING IN RETIREMENT WITH THE ABILITY TO MEET CERTAIN UNEXPECTED EXPENSES Benefits to industry A MORE ENGAGED CLIENT BASE WHICH IN TURN MAY LEAD TO A HIGHER LEVEL OF PENSION SAVING CONSUMERS MAY DEVELOP MORE MEANINGFUL RELATIONSHIPS WITH THEIR PENSION PROVIDERS WHICH COULD LEAD TO A BETTER UNDERSTANDING OF CONSUMER NEEDS WITH A KNOCK-ON IMPACT OF INCREASED CONFIDENCE IN FINANCIAL SERVICES Benefits to UK economy AN ENGAGED POPULATION WHO ARE TAKING STEPS TO SAVE MORE AND WORK TOWARDS SELF-SUSTAINABILITY IN RETIREMENT Retirement Policy & Technical Work Benefits to consumers NON-ADVISED DRAWDOWN CUSTOMERS SHOULD BENEFIT FROM STRONG CONSUMER FOCUSED PROVIDER PROPOSITIONS FIRMS MAINTAIN AN ONGOING AWARENESS OF KEY AREAS OF FOCUS, HELPING WITH PRODUCT PROPOSITIONS AND DEVELOPING CONSUMER CONFIDENCE AND OUTCOMES CONSUMERS ARE BETTER INFORMED AS FIRMS AND REGULATORS ARE AWARE OF THE GENERAL CHALLENGES FACED AND THE STEPS BEING TAKEN TO ADDRESS THOSE Benefits to industry PROVIDERS HAVE A CLEAR UNDERSTANDING OF REQUIREMENTS AND ARE BETTER EQUIPPED TO DELIVER STRONG PROPOSITIONS WHICH MAY ENHANCE REPUTATIONAL AWARENESS IN THE DRAWDOWN MARKET REPRESENTATIVES OF FIRMS MAINTAIN AN ONGOING AWARENESS OF KEY AREAS OF FOCUS FOR THEIR ACTIVITIES WHICH HELPS IMPROVE CONSUMER CONFIDENCE Benefits to UK economy FCA REQUIRMENTS ARE MET AND PROVIDE OPTIMAL CONSUMER OUTCOMES FIRMS STAY UP TO DATE WITH ALL REGULATORY CHANGES POLICYMAKERS ARE AWARE OF THE ONGOING CHALLENGES BEING FACED AND CAN ADDRESS THESE TISA Groups & Resources Retirement Strategy Group GO TO Retirement Policy Committee GO TO Retirement Publications SUBMIT Decumulation proposals 5/11/2021 TISA response to The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2021 25/8/2021 TISA response to Stronger nudge to pensions guidance 24/8/2021 TISA response to Future of the defined contribution pension market: the case for greater consolidation 27/7/2021 TISA response to Pensions Dashboards: staging call for input 2/7/2021 Retirement News SUBMIT TISA calls on the FCA, the Government and the industry to change four pension decumulation policies to benefit consumers 9/11/2021 TISA endorses new cross-industry report into small pots 1/10/2021 TISA Comments on the Government’s suspension of the triple lock on pensions 7/9/2021 TISA comments on Nest Insight’s sidecar savings initiative 26/4/2021 UK citizens receive the lowest net pension entitlement within the OECD 25/3/2021 Getting Retirement Right: Plan, prepare, enjoy GO TO The UK Pensions Landscape An overview of the different types of pension schemes and their regulated body Pension Flexibility Statistics Occupational Pension Membership A breakdown of the occupational pension scheme membership by sector Occupational Scheme Contribution Rates A breakdown of the private sector employee contribution rates Tax Rates and Allowances for 2021/22 Retirement Statistics A history of total contributions to pensions by scheme type Contributions – HMRC TABLE 1 Useful Links TPR: Don’t let a scammer enjoy your retirement Avoiding Pension Scams 2020 FCA ScamSmart TPR: Detailed guidance for trustees HMRC Pension Schemes Newsletters HMRC Pensions Tax Manual HMRC 2019 to 2020: Employer further guide to PAYE and National Insurance contributions (updated March 2021) Combating pension scams: Code of good practice FCA Retirement income market data 2019/20 For the full report data, please click here Upcoming Related Events and Training There are currently no Events in the chosen categories coming up – please check back soon!! .st0{fill:#1DA1F2;} .st1{fill:#FFFFFF;} Cookies Privacy Policy Terms & Conditions © Copyright, The Investing and Saving Alliance 2021 We use cookies to offer you a better experience throughout our website. By accepting, you consent to the use of cookies in accordance with our Cookie Policy.AcceptCookie Policy