White paper: The future of (at) retirement

This paper considers what is happening and what needs to happen in the ‘at retirement’ market. It looks at products, processes and the guidance needed to deal with the challenge of spending defined contribution (DC) savings pots.

Key findings:

• The increase in longevity and the changing shape of the workforce age profile mean that the nature of retirement needs to change to be more flexible.
• Individuals need a basic level of fairly predictable income to last them throughout their life in retirement.
• Personal circumstances will vary over the course of retirement. Any retirement solution needs some flexibility to cope with these changes – both the positive changes and negatives.
• Retirement savings need to last a lifetime therefore some form of longevity protection needs to be built into any at retirement solution.

Aon’s paper finds that there are three central components to a high-quality decumulation solution in the freedom and choice era – stability, flexibility and durability.

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