Campaign overview

Pension Reform: Foreword from Andy Briggs

This sixth report tells a story of workers – and indeed young people – whose focus is on the ‘here and now’, rather than on so called deferred gratification. It points to a burgeoning expectation among employees that a ‘paternal employer’ will provide solutions to everyday life. Employees believe that employers should provide them with a pension that will contribute to security in later years but very few take enough interest to understand what their employer is actually providing for them, if anything at all.

Finally, it recommends a rethink by every major player in the story of the UK’s pension crisis:

• Employers could and should provide better encouragement for their employees to ensure their savings plans support their retirement goals. Many workplaces are already providing financial education within their organisations and this is an important and welcome innovation.
• Government could become more adept at communicating the seemingly contradictory need to pay down personal debt and to save for the future. Sometimes, it is about the way choices are presented and we certainly applaud the imminent ‘auto-enrolment’ of employees into workplace pensions as well as the Government’s NEST scheme.
• Our industry could be continually evolving to meet the changing needs of our customers – starting with
understanding in detail what those needs are and improving our services based on what we learn. But, ultimately, individuals are in the driving seat. It is up to each and every one of us to make the right choices now to ensure prosperity in future years.

We are committed to using this research and its findings to provide a better service to our five million customers.

I hope you find it useful.

Andy Briggs,
Chief Executive Officer,
Friends Life

 

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