Retirement Living Standards


Picture your future

The Retirement Living Standards

Designed to help us picture what kind of lifestyle we could have in retirement.

More of us are saving in a workplace pension than ever before. But will the future we want be the future we are able to get? The Retirement Living Standards have been developed to help us to picture what kind of lifestyle we could have in retirement.

Research shows 51% of people focus on their current needs and wants at the expense of providing for the future and only 23% of people are confident they know how much they need to save.  The Standards aim to help savers overcome this challenge and give them more confidence about their retirement saving.

Pitched at three levels: minimum, moderate and comfortable, they have been designed as a practical and meaningful way for savers to understand retirement saving. Like the 5-a-day healthy eating initiative, the PLSA’s ambition is for the Retirement Living Standards to become a widely adopted industry standard, with schemes using them in general information for their members, in annual benefit statements, or to develop personalised targets for their members’ pension planning.

The standards are an important part of the PLSA's objective of improving pensions adequacy.

Key points

  • Research shows 51% of people focus on their current needs and wants at the expense of providing for the future and only 23% of people are confident they know how much they need to save.  The Standards aim to help savers overcome this challenge and give them more confidence about their retirement saving.
  • The Standards are based on independent research with real people, and were developed in partnership with Loughborough University Research faculty. 
  • They describe three different standards of living with a basket of goods and associated costs for each, made up of household bills, food and drink, transport, holidays and leisure, clothing and personal care, and helping others.
  • The PLSA wants to see schemes representing 90% of active savers adopt the standards by 2025.

Visit the Retirement Living Standards website to find out more.


The Retirement Living Standards Awards

2022 Awards

Nominations are now open for the second year of our Retirement Living Standards Awards to recognise excellence in adopting the Retirement Living Standards as part of member communications. Like last year, the awards are open to pension schemes, providers, consultants, public bodies and other stakeholders who have adopted the standards. They will be judged by a panel of industry experts who will take into consideration the scale and available resources of the organisation making the entry, so smaller schemes are encouraged to apply. Entries will be judged in the following categories, with awards for each:

  • Saver engagement, separately judged for schemes and providers – for entries judged to have communicated the standards most effectively through aspects such as ease of use, simplicity of message, visual representation, personalisation and demonstrated comprehension.
  • FinTech/Innovation – for the entry which most impresses the judges for its use of technology to integrate the standards into tools, calculators or personalise income targets.

Applicants should complete the short form below and provide any supporting material to showcase to the judges that they have an award winning approach. 

Download the 2022 awards application form

 

2021 winners and nominees

The three winners of the inaugural awards were named during the 2021 Annual Conference and were: Saver engagement: Scheme – Rail Pen, Saver engagement: Provider – Standard Life, FinTech / Innovation – Legal and General. Click the logos below to find out more about why they won.

Watch the showcase of the shortlist presented at the 2021 PLSA Annual Conference:

2021 Nominees