Research: Hitting the Target

The Pensions and Lifetime Savings Association has launched a consultation to help people define and meet their retirement goals. 

The consultation focuses on the proposal to develop a set of National Retirement Income Targets (RITs), and to look at what changes to the current retirement saving system would be needed to make this possible.

RITs - which are currently used in Australia - provide savers with tangible income goals which take into account what they need to save to achieve different standards of living in retirement. The aim is to introduce a widely accepted and generally understood target for retirement income.

As part of the consultation, the PLSA will be looking at areas to help savers reach their targets, including: How to include more people in automatic enrolment (AE); should tax relief be modified; how can minimum AE contributions be increased even further than currently planned; how to let people know about their money in ways and at times which make sense to them; and how to improve engagement by using standardised messages.

The deadline for responses is 12 January 2018 and can be sent to [email protected].