Hitting the target

Hitting the target: delivering better retirement outcomes

The Hitting the Target project was set up by the PLSA in February 2017. The purpose is to assess the success of current UK policy and practices with regard to helping everyone achieve adequate outcomes in retirement, taking account of the range of assets which might be used to finance retirement, and to make proposals on how policy and practices should be changed in order to improve outcomes.


PLSA's George Currie gives an overview of our Hitting the Target project, and its flagship propoposal of national retirement income targets.

Consultation paper

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.

CONSULTATION FEEDBACK 

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.  

We are processing this feedback and will release a subsequent report with final recommendations in June 2018.