The Pensions and Lifetime Savings Association has launched its Retirement Living Standards to tackle the engagement challenge and help to build a nation of active savers.

Launched today at the PLSA Annual Conference 2019, PLSA chair Emma Douglas explained the PLSA’s intention to make the standards a social norm. Quite like the five a day healthy eating rule, Douglas said, it is hoped that the initiative will make pension engagement commonplace among all types of savers.

The standards set out three key types of standard of living in retirement: minimum, moderate and comfortable. The standards set out living cost and expenditure figures needed in each category and they have separate sections for areas such as food expenditure, helping others, holidays and transport.

The industry body has published the standards on a specifically designed website that is available to the public and industry to use and adopt into their businesses.

At present, a total of 22 organisations are signed up to adopt the standards into their businesses. These include Aviva, RBS, L&G and PPI.

The PLSA, alongside involvement from the industry, hopes to achieve 90 per cent active savers by 2025 via engagement in the standards.

“We are looking to those parts of the industry who have direct contact with scheme members to adopt the standards to develop tools and customer journeys to take action,” PLSA head of DC, master trusts and lifetime savings Lizzy Holiday concluded.

Share Story: