30 Nov 2017

Survey: Pension Trends Survey

The Association of Consulting Actuaries final report into pension trends looks at how auto-enrolment has progressed across firms of all sizes and how the increases in minimum contributions over the next two years might play out. It also examines, ahead of the expected White Paper on defined benefit pensions, what employers are comfortable with and hopeful for in its outcome.

Key findings:

34 per cent of employers expect the typical retirement age to exceed 67 by 2028.
More than half of employers say costs associated with defined benefit (DB) schemes are having a negative impact on pay increases.
84 per cent say the law should be changed to reduce pension increases in DB schemes when continuing to provide increases at the level in scheme rules will severely and adversely affect the employer.
77 per cent want the current pension tax relief structure retained with more help targeted on lower incomes.