It’s pleasing to see the views in the press that the new
DC flexibility could increase member savings (Pensions Expert). I agree. There is
room for optimism. Fewer restrictions on the pension should result in more
willingness to save.
Another article, this time in Professional Pensions,
records the latest LV survey. The income of the average retiree is almost 24%
less than the minimum wage. There’s a lot of stats behind that statement of
course, but one thing is clear, the new flexibility HAS to increase member
savings. The savings gap is growing. We’re on the right track, it’s a good
start, but (to retain the track analogy), it’s a long road.
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