WPSC Call for Evidence: Saving for later life – PLSA response

The PLSA has responded to the WPSC third Inquiry, five years on from Pension Freedoms, on Saving for Later Life. Our response covers our understanding of pensions adequacy of UK households and reiterates the case for Retirement Living Standards, which are now used by schemes covering 15 million savers.

We hail the success of automatic enrolment, call for the AE 2017 Review recommendations to be implemented and call for a move to 12% per annum contributions, while noting that the timetable will need to be put back to navigate the current cost of living crisis.

We also cover our view of advice and guidance, Guided Retirement Income Choices, scheme design and the gender pensions gap.