Financial security
A roadmap to adequate retirement incomes for all

Standard Life Centre for the Future of Retirement
September 12, 2024
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Achieving decent, financially secure retirements for people in the UK is an essential priority for individuals, government and industry alike.
Phoenix Group previously called for a holistic review of pensions adequacy, and are pleased to see the new Government’s commitment to do so in the coming months. The long standing question of ‘how much is enough’ for retirement can be complex and wide reaching one. The question will need to be answered through a collaborative approach and followed by an action plan. Consensus will be needed from a range of stakeholders including different political parties, individuals as both savers and taxpayers, employers, and the long-term savings industry.
A challenging future for savers
With the decline of more generous defined benefit (DB) workplace pensions, and a state pension that has been protected by the triple lock but is less generous than other OECD countries, the challenge of being financially secure in retirement has increased substantially. Despite the fact that automatic enrolment has brought millions more workers into regular pension saving since 2012, a large proportion of people appear to be set for inadequate incomes in their retirement. Under saving is projected to be the highest among people reaching retirement age in the 2030s and 2040s.
DWP analysis suggests around two in five (38%) working aged people are not on track to achieve their target income replacement rate in retirement, and half (51%) of working age adults are not saving enough to achieve the Pension and Lifetime Savings Association’s (PLSA) ‘moderate’ retirement living standard.
A roadmap to retirement adequacy
Based our research so far, the Standard Life Centre for the Future of Retirement new report explores what policy options are available to the new government and how to implement these changes with a proposed roadmap for action. We recommend five priority areas to be included in the government’s review of retirement outcomes.
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See a summary of our research findings and full policy recommendations here:
Westminster report launch
On 12th September we hosted an event to discuss the findings of our report with a panel of policy experts, and had a fireside chat with the Pensions Minister on her plans to deliver adequate retirement outcomes.
The event was hosted by Catherine Foot, Director of the Standard Life Centre for the Future of Retirement, and we were delighted to be joined by:
- Matthew Blakstad - Director of Analysis & Governance, NEST Insight
- Joanna Elson CBE - Chief Executive, Independent Age
- Chris Curry - Director, Pensions Policy Institute
- Gail Izat - Workplace Pensions Director, Standard Life
- Emma Reynolds - Minister for Pensions, DWP
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