Video tutorial: Sir Steve Webb outlines the future of pensions
There are a number of key themes that will change the face of pensions over the coming years, according to Sir Steve Webb, director of policy Royal London and ex pensions minister.
Speaking at the REBA Reward Leaders' Forum he said they included the move from defined benefit to defined contribution – a situation Webb described as living in a ‘false reality’.
He said the success of auto-enrollment had to be built upon to get the defaults right so that people are able to retire with the amount they want.
Webb said the shifting age balance of the workforce would also impact employers hugely too.
What was once a lifetime product held with one employer will also change, according to Webb. “Pensions are going to be detached from employers – increasingly it will just be a portable pot of money,” he said.
This video tutorial was filmed at the REBA Reward Leaders' Forum which took place on 27 April 2017.
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