The Pensions and Lifetime Savings Association (PLSA) is seeking adviser views on its consultation designed to help people plan for and meet their retirement goals.
‘Hitting the Target – Delivering Better Retirement Outcomes‘ is seeking ideas on the development of a set of national retirement income targets and changes to the current saving system necessary to meet those targets.
The PLSA will be engaging with the government as part of the process as well as intermediaries and other interested parties.
In the consultation, the PLSA is looking to see what kind of income target is acceptable to retirees, how to bring more people into the scope of automatic enrolment, how to improve engagement with savers and how to gradually increase the minimum automatic-enrolment threshold, among other topics.
The trade body said more than three-quarters (78%) of people aged 18 to 64 were not sure where to look to find out if they were on track with their retirement savings.
Additionally just 16% said they knew how much they would need to save to achieve the standard of living they hoped for in retirement.
Director of external affairs Graham Vidler said: “Savers will need support as they work to achieve the retirement income targets and we need to consider what might need to change within the UK retirement and savings market to facilitate these steps forward.”
Vidler said he was “particularly keen” to hear adviser views, adding: “Our report sets out some of the changes we think are necessary but we want everyone with an interest in the nation’s retirement future to respond – challenging, improving and building on our proposals.”
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