PMI Annual Conference 2024 - The future of retirement income: DC Landscape

The retirement landscape is changing rapidly, as the industry shifts from defined benefit plans to defined contribution plans, meaning individuals have more responsibility and choice over how they save and spend their retirement income. To support individuals achieve better outcomes in retirement, the Department for Work and Pensions (DWP) has proposed a new requirement on pension schemes to offer their members retirement products and services that meet their needs and preferences. The Pensions Regulator (TPR) has also put forward a number of principles for how it wants the 'at retirement' market to develop, such as ensuring good governance, clear communication, and appropriate investment strategies. In this session, we will share insights from the UK and overseas on how the industry can respond to these changes and provide DC members with a sustainable income in later life. We will discuss solutions that manage the journey both to and through retirement, and the need for combining investment, technology and lifetime income into default design.