The central proposal of this initial Consultation Paper, published on 10th October 2017, is that the UK should develop a set of ‘national retirement income targets’ which would help stimulate public debate on adequacy, help individuals plan for retirement, and act as a guide to public policy. The paper invites comments on the best way to construct such targets and includes research which indicates that the adoption of targets would be welcomed by the public.
The remainder of the paper sets out current, or new, PLSA proposals in areas that are key to enabling people to achieving better retirement outcomes. These cover pension contributions, property, working longer, governance, decumulation and engagement.
The consultation closed on the 12th January 2018. The PLSA received 16 written responses from stakeholders across the retirement savings sector. In addition to the written responses, the PLSA has also heard from stakeholders through a series of expert roundtable events and member roadshows that addressed subject areas in the consultation document. Overall, the PLSA received input from more than 100 stakeholders and over 50 organisations. The principal findings from the written responses and the stakeholder events can be viewed here.
On the 5th July 2018, the PLSA published Hitting The Target: A Vision For Retirement Income Adequacy. This report builds on the feedback to the Hitting The Target consultation that we received and sets out a series of recommendations for improving the retirement outcomes for millions of future retirees.