Guest blog: Nathan Long, Hargreaves Lansdown – High Risk Retirees? All Is Not As It Seems

Are we really a nation of risk-taking retirees? Are we all destined to be high-octane octogenarians, jumping out of planes, shark diving, and playing fast and loose with our retirement income? A cursory glance at the figures would seem to suggest so: before pension freedoms were announced in 2014, around 90% of people used to buy an annuity to provide for retirement, exchanging the money built up in their pension for a guaranteed income for life. Now, only 12% of retirees do so. Continue reading

Future of Ageing Blog Series – Extend Project: Social Inequalities in Extending Working Lives – The Case of the Health and Care Sector

With increasing life expectancy and decreasing fertility rates across Europe, there are concerns that the financial sustainability of pensions systems, as well as health and social care, are in jeopardy. In short, a growing number of older people are receiving pension and health and care provision. Continue reading

Default guidance needed to embolden consumer freedom

The retirement income market has undergone profound changes due to “pension freedoms”. Since its introduction, the ILC-UK has been at the forefront of understanding the potential consumer risks and opportunities associated with the reform. In this special extended blog, Ben Franklin, Head of Economics of Ageing, takes stock of where we are and proposes further reform to embolden consumer freedom through embedding informed decision making at the point of retirement. He argues that a critical first step to achieving this aim will be default financial guidance.   Continue reading