PLSA's Retirement Living Standards now accessible to 35 million savers

Up to 35 million savers now have access to the Pensions and Lifetime Savings Association's (PLSA) Retirement Living Standards through their pension schemes' communications, the association has announced.

This latest figure, which is more than double the 14 million reported in October 2020, indicates the PLSA is on track to reaching its stated adoption target of reaching 90 per cent of active savers by 2025.

In total, 124 organisations are using the standards, including over 100 pensions schemes and some of the largest industry brands.

A further 25 schemes have signaled their intention to communicate the Retirement Living Standards in the future.

The figure has been derived through a combination of surveys of pension schemes and organisations self-declaring their use of the standards to the PLSA.

The association said that, as a result, it was likely to be an underestimated of the total number of organisations who have adopted the standards in their communications.

Launched in October 2019, and revised in 2021 to reflect price increases and changing societal trends, the Retirement Living Standards are designed to help savers picture the lifestyle they want in retirement and understand the costs.

The PLSA hopes the standards will become a rule of thumb for retirement planning and be part of a national conversation about the importance of pension saving.

Evidence shows pension schemes are communicating the standards to savers in a variety of ways as, in a recent survey of PLSA members who have adopted the standards, 54 per cent said they feature them on their website, 32 per cent provided a link to the PLSA website and 24 per cent said they mentioned the standards in their newsletters or in seminars.

PLSA director of policy and research, Nigel Peaple, commented: “It has been enormously encouraging to see so many pensions and savings organisations proactively using the Retirement Living Standards to help bring pension saving to life.

“Reaching up to 35 million savers, the Retirement Living Standards are now firmly established as part of a common language to help people engage with pension saving and understand their spending needs in retirement.”

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