This brief explores the challenges posed by recent pension reforms, which have introduced flexibility in the defined contribution arena and opened up income options for retirees by allowing access to more of their savings through changes to flexible drawdown and trivial commutation rules. The state pension has also been overhauled with the introduction of a flat rate state pension of £144-a-week from April 2016 (to those who are eligible). While the reforms have been broadly welcomed they are not a panacea to the problems created by the UK’s ageing population and in fact present new challenges. This brief addresses a number of issues including: people’s underestimation of their longevity; under saving; the possibility that people may leave their pension funds as cash savings; and the need for people to work longer. For each of these challenges, the paper briefly outlines key solutions.
(Edited publisher abstract)
This brief explores the challenges posed by recent pension reforms, which have introduced flexibility in the defined contribution arena and opened up income options for retirees by allowing access to more of their savings through changes to flexible drawdown and trivial commutation rules. The state pension has also been overhauled with the introduction of a flat rate state pension of £144-a-week from April 2016 (to those who are eligible). While the reforms have been broadly welcomed they are not a panacea to the problems created by the UK’s ageing population and in fact present new challenges. This brief addresses a number of issues including: people’s underestimation of their longevity; under saving; the possibility that people may leave their pension funds as cash savings; and the need for people to work longer. For each of these challenges, the paper briefly outlines key solutions.
(Edited publisher abstract)
Subject terms:
pensions, retirement, older people, life expectancy, employment, savings;
This report brings together all of the findings of the Age UK Financial Services Commission, which examined how the financial resilience of older people can be improved, and sets them in the context of the government’s proposed pension reforms. Financial resilience is defined as a mixture of not just financial but also health, social and personal resources that enable older people to thrive over the entire course of their later life and the ability to adapt plans or change arrangements, in response to both changing personal circumstances and wider economic conditions. The first half of this report summarises the emerging themes of the Commission, including decision making and staying in control in older age, and the second half sets out Age UK’s recommendations in relation to the access to good quality information, advice and guidance throughout later life, the offer of financial products and building trust.
(Edited publisher abstract)
This report brings together all of the findings of the Age UK Financial Services Commission, which examined how the financial resilience of older people can be improved, and sets them in the context of the government’s proposed pension reforms. Financial resilience is defined as a mixture of not just financial but also health, social and personal resources that enable older people to thrive over the entire course of their later life and the ability to adapt plans or change arrangements, in response to both changing personal circumstances and wider economic conditions. The first half of this report summarises the emerging themes of the Commission, including decision making and staying in control in older age, and the second half sets out Age UK’s recommendations in relation to the access to good quality information, advice and guidance throughout later life, the offer of financial products and building trust.
(Edited publisher abstract)
Subject terms:
older people, financial management, personal finance, advice services, resilience, pensions;
Based on research and real life examples of the situations that face some people in retirement, this report illustrates the harsh choices older people on living on low incomes often have to make. It shows that poverty and financial hardship are a reality for many older people in Wales. Includes examples of local services provided by Age Cymru, their staff and volunteers, and highlights how they can make a real difference to people's lives. Suggests actions the Welsh Government and local authorities should take to tackle pension poverty in Wales.
(Edited publisher abstract)
Based on research and real life examples of the situations that face some people in retirement, this report illustrates the harsh choices older people on living on low incomes often have to make. It shows that poverty and financial hardship are a reality for many older people in Wales. Includes examples of local services provided by Age Cymru, their staff and volunteers, and highlights how they can make a real difference to people's lives. Suggests actions the Welsh Government and local authorities should take to tackle pension poverty in Wales.
(Edited publisher abstract)
Subject terms:
low income, older people, poverty, case studies, pensions, advice services;
... 70 per cent of Bulgarian pensioners living in material deprivation. And it looks at the employment and retirement prospects of older workers, where it finds that on average, only 1 in 2 55-64 year olds are employed across the region. The factpack also investigates the costs of ageing, comparing spending on pensions, health and long term care across Europe. Here it finds that while Denmark spends
(Edited publisher abstract)
A snapshot of what it means to be old in Europe today and the demographic changes Europe will experience over the next half century. This factpack sets out the evidence on a number of areas including health and life expectancy, with men born in Western Europe today expected to live for 67.5 years in good health. It also includes a focus feature on pensioner poverty with evidence showing that over 70 per cent of Bulgarian pensioners living in material deprivation. And it looks at the employment and retirement prospects of older workers, where it finds that on average, only 1 in 2 55-64 year olds are employed across the region. The factpack also investigates the costs of ageing, comparing spending on pensions, health and long term care across Europe. Here it finds that while Denmark spends over €5,000 euros per person on social protection in old age, Latvia, Romania and Croatia spend only one tenth of this.
(Edited publisher abstract)
Subject terms:
ageing, older people, comparative studies, demographics, poverty, pensions, health care, employment;
... and well-being of the workforce and providing back to work support. Putting in place a new pensions system and ensuring older people have a secure retirement income. Making the health and care system more personalised and sustainable. Supporting people to live independent lives in older age through improved planning and involvement in their local communities though providing improvements in housing
(Edited publisher abstract)
This report summarises the steps taken by Government to address the challenges of an ageing society, following their response to the recommendations of the Committee on Public Service and Demographic Change in July 2014. It focuses on what the government is doing to help older people in the following areas. Helping people live fuller working lives by supporting later working, improving health and well-being of the workforce and providing back to work support. Putting in place a new pensions system and ensuring older people have a secure retirement income. Making the health and care system more personalised and sustainable. Supporting people to live independent lives in older age through improved planning and involvement in their local communities though providing improvements in housing and transport, tackling loneliness and encouraging social participation . The final section reports on the Government efforts to ensure that policies are sustainable and can meet the challenges of an ageing society.
(Edited publisher abstract)
Subject terms:
ageing, older people, government policy, income, health care, social care, independence, pensions, social inclusion, financing;
PENSIONS AND LONG TERM CARE WORKING PARTY. Product Research Group
Publisher:
Institute and Faculty of Actuaries
Publication year:
2014
Pagination:
55
Place of publication:
London
This paper considers how pensions, pension wealth, and pension based products might be used to help fund long term care needs of older people following the implementation of the Care Act. It also considers the financial impact of the proposed cost cap for individuals in England from April 2016. Main sections of the report cover: the profile of potential consumers of care, care needs and current communication strategy on the likely impact of the cost cap for the population; good information and advice on different products for individuals in different situations; and regulatory and tax changes to encourage greater use of pensions for long term care.
(Original abstract)
This paper considers how pensions, pension wealth, and pension based products might be used to help fund long term care needs of older people following the implementation of the Care Act. It also considers the financial impact of the proposed cost cap for individuals in England from April 2016. Main sections of the report cover: the profile of potential consumers of care, care needs and current care costs; the probability of individuals reaching the cap by age, gender and region; potential product designs how they could be funded, together with their main advantages and disadvantages. The report also looks at the communications plans and legislative changes that would be necessary for individual/private funding of long term care to be viable. Recommendations include the need for: a good communication strategy on the likely impact of the cost cap for the population; good information and advice on different products for individuals in different situations; and regulatory and tax changes to encourage greater use of pensions for long term care.
(Original abstract)
Subject terms:
social care, pensions, older people, ageing, long term care, costs, needs, savings, financing, income, eligibility criteria, care homes, self-funders;