San Francisco, California
London, United Kingdom
Friday 10th June 2016; 09:15 - 16:30 (followed by a short drinks reception); The Chartered Insurance Institute, 20 Aldermanbury, London EC2V 7HY
On Friday, 10th June 2016, ILC-UK will be holding our second Retirement Income Summit, hosted by The Chartered Insurance Institute.
In 2012, ILC-UK organised our first Retirement Income Summit which provided a platform for discussion between 180 policymakers, senior insurance industry experts, business representatives, charities and academics.
With the 10th Anniversary of the Pension Commission just upon us, ILC-UK believe now is the time to reconvene the Retirement Income Summit.
Over the past 20 years, huge progress has been made in tackling pensioner poverty. Relative pensioner incomes have increased due to a combination of later retirement, the pensions “triple lock” and increased earning power of the baby boomers.
However, the future for retirement income looks less rosy. Policy change, ongoing demographic change and low investment returns are contributing to significant uncertainty. The new single tier pension will be less generous for the majority in the long term. Fewer people will find themselves receiving the more generous final salary pensions. And incomes of the next generation of retirees look likely to be lower. Three in ten of Britain’s 55-64 year olds do not have any pension savings at all.
With the end of compulsory annuitisation, retirees over the next 20 years will face many more options. Making the wrong decision could result in people living longer than their money or in greater levels of under consumption. Greater risk is being placed in the hands of retirees and there is a question as to what role there might be for collective decumulation in the future.
Navigating the retirement income maze will require greater information, advice and financial capability. Finding new ways of delivering advice to the mass market is vital. Recent and future developments in robo-advice offer some opportunity and regulators will need to find ways to ensure that they do not inadvertently create barriers to greater access to advice. In addition to at retirement financial advice, there is likely to be a growing need for mid retirement financial advice. But how can this be best delivered.
During the Retirement Income Summit, keynote speakers will discuss:
- How can individuals and industry respond best to policy change (pension freedoms, cashing in annuities and possible tax relief changes)?
- How can future retirement income be guaranteed in a context of continuing demographic change?
- How can providers and individuals deliver a decent income during a period of low investment returns?
- How can we overcome consumer distrust and lack of engagement with the industry?
- How can we deliver advice and financial capability in the future?
- What will be the future role of housing wealth for retirement income and what is the role of extend working lives?
- What is the potential for new products to help reduce risk for future generations of retirees?
Following the summit, you are invited to join us for a short drinks reception.
An agends for this event is available here.
When & Where
International Longevity Centre - UK
The International Longevity Centre-UK is the leading think tank on longevity and demographic change. It is an independent, non-partisan think-tank dedicated to addressing issues of longevity, ageing and population change. We develop ideas, undertake research and create a forum for debate.