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- Standard Life Centre for the Future of Retirement launches with bold ambition to help everyone achieve long-term financial security
- Adopting the Standard Life brand brings think tank closer to the challenges facing customers, while strengthening Standard Life’s ability to champion for change at a societal level
Phoenix Group’s think tank, Phoenix Insights, has rebranded under Standard Life as part of the think tank’s bold ambition to help everyone achieve long-term financial security.
Since its inception in 2021, Phoenix Insights has driven action in response to some of the biggest challenges of people living longer – from influencing policy makers’ thinking on pensions adequacy and economic inactivity, to driving national media conversations and building new partnerships to promote the importance of good work and the untapped potential of workers in their 50s and 60s.
With more than half of all defined contribution pension savers retiring between 2025 and 2060 expected to be either not saving enough for the retirement they expect, or sadly on track for an inadequate retirement, the think tank’s focus will pivot to how society can achieve financial security for all in later life.
The Standard Life Centre for the Future of Retirement will use research to provoke fresh debate, drive action and influence change so that people can secure their financial future and enjoy a decent standard of living in their later lives.
The change comes as Standard Life celebrates 200 years of history in which it has supported millions of everyday savers to achieve their financial goals.
Catherine Foot, Director of the Standard Life Centre for the Future for Retirement, said: “How we work, save, and retire is changing. That traditional idea of spending decades in full-time employment and then retiring with a comfortable, guaranteed income is no longer going to be a reality for most people.
“There is an under-saving crisis in the UK, and if we don’t act now, we risk millions reaching retirement unable to afford the standard of living they expect. I’m incredibly proud of what we have achieved under Phoenix Insights, and working under the Standard Life brand will supercharge our ability to further raise awareness of these issues and campaign for change.
“This is particularly important at present following the government’s expected review of retirement adequacy which provides a critical opportunity to reshape our pensions system to better address some the challenges future retirees are facing.”
The Standard Life Centre for the Future of Retirement will campaign for future generations of retirees to:
- Be included in sufficient and affordable private pension saving
- Be supported to make good decisions throughout life about their pension saving and retirement income
- Work in good quality, flexible jobs that suit their lives, and able to actively manage their careers
- Be protected from poverty with state support through an adequate and sustainable State Pension and benefits system
Phoenix Group CEO, Andy Briggs, said: “Standard Life has sought to act as a force for good and to champion the needs of everyday people for over two hundred years. And as the engine behind Phoenix’s Group’s 12 million customers, it is in prime position to speak about the challenges everyone faces when it comes to how we work, save and plan for retirement.
“The addition of the pioneering think tank is both a celebration of the milestone and a statement of intent about the brand’s ongoing desire to act as source of innovation and practical support to customers and society alike.”
Over the coming months, the Standard Life Centre for the Future of Retirement will continue to be a regular commentator on issues that impact people’s financial futures. It will launch its first report under the new brand in June looking at the impact of the government’s industrial strategy on different sectors of the UK workforce and will also explore the potential impact of the FCA’s proposed introduction of Targeted Support for savers over 45 in July.
To find out more about the Standard Life Centre for the Future of Retirement, visit: standardlife.co.uk/centre-for-the-future-of-retirement.
ENDS
About Standard Life Centre for the Future of Retirement
Standard Life Centre for the Future of Retirement is a pioneering UK think tank with a bold ambition to help everyone achieve long-term financial security.
How we work, save, and retire is changing, and it will look different for everyone. That traditional idea of spending decades in full-time employment and then retiring with a comfortable, guaranteed income is no longer going to be a reality for most people.
Standard Life Centre for the Future of Retirement uses research to provoke fresh debate, drive action and influence change so that people can secure their financial future and enjoy a decent standard of living in their later lives.
It is led by Catherine Foot, a leading research and policy specialist who was appointed as the Director of the think tank under its previous brand, Phoenix Insights, in June 2021.
Catherine has over 20 years of experience in the field. From 2015 to 2021, she was Director of Evidence at the Centre for Ageing Better. She has also held senior roles with The King’s Fund and Cancer Research UK.
About Standard Life
- Standard Life is a brand that has been trusted to look after peoples’ life savings for 200 years
- Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
- Standard Life is part of Phoenix Group, one of the largest long-term savings and retirement business in the UK. We’re proud to be building on 200 years of Standard Life heritage together
- Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options
- We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
- The value of investments can go down as well as up and may be worth less than originally invested