“Improving financial sustainability in the UK pension system may be compromising future living standards in retirement” says Pensions Policy Institute

by | Nov 29, 2022

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The Pensions Policy Institute (PPI) today published the first PPI UK Pensions Framework report, titled Trends, Transitions and Trade-offs in the UK Pension System in association with Aviva.

The PPI UK Pensions Framework is a new, systemwide study of adequacy, sustainability and fairness in the UK state and private pension system, developed with input from more than seventy stakeholders and pensions experts from around the world. Its aim is to support long-term policymaking and understanding of change by bringing together findings from over forty comprehensive, purpose-built indicators to present a single, compelling picture of how the UK pension system is working for pensioners of today, and the implications of saving patterns for pensioners of tomorrow.

Commenting on the publication of the report,Doug Brown, CEO, UK Life at Aviva said:

“At Aviva, we recognise the fundamental importance of the UK pensions system for our society. For the first time, we can now benchmark how the whole system, with all its complexities and trade-offs, affects savers and pensioners. As a sector, we must draw on the findings in this report and work together to ensure the right policies, support, and solutions are in place to help people navigate the system.”

 

Aviva hosted the PPI’s launch event at its offices in London earlier today. It was attended by key stakeholders from across the pensions industry.

Giving the keynote speech to attendees at today’s event, Michele Golunska, MD of Wealth and Advice at Aviva, said:

“Aviva sponsors this work because we understand the importance of a well-functioning pensions system in this country.

 

“This first ever systemwide analysis report not only helps us understand where we stand today. By providing this snapshot, it is also an invaluable baseline against which to measure ourselves in the future too.

“It really can help point the way towards the decisions and changes savers might need, so that the system can keep serving them as it should.

“The challenge for us all, today and in the months to come, will be not only to recognise what this report is telling us. We need also to use it as a spur to action so that the gaps and problems identified today, are not there next year, and the year after that too.

 

“We all want this to be a live piece of work that will continue to build up a picture over time, to understand how the system is evolving and what that means for us, and for savers.”

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