PLSA launches awards for requirements of living in retirement
The Trade Organization’s Retirement Living Standards, introduced in October 2019, are designed to help savers imagine the lifestyle they desire in retirement and the cost of it £ 30,000 per year for a moderate standard of living and £ 45,000 per year for a comfortable one Default.
The PLSA said it has set an acquisition target for 90% of active savers to have access to retired living standards through its annuity provider by 2025 – and expects the awards to demonstrate best practices and encourage others to adopt them.
The awards are open to pension funds, providers, consultants, public authorities and other stakeholders who have adopted the standards.
They are assessed by a panel of industry experts that takes into account the size and available resources of the applicant organization, so the size of smaller organizations does not preclude recognition.
Entries will be judged in the following categories, with awards for each:
- Saver Commitment – for the contribution that conveyed the standards most effectively based on such aspects as ease of use, simplicity of message, visual presentation, personalization and demonstrated understanding.
- Fintech / Innovation – for the contribution that impressed the jury the most with its use of technology to integrate the standards into tools, calculators or personalized income targets.
- Exceptional Smaller System – Recognition of the organization that impresses the judges most when it goes beyond its weight to help set the standards to its members.
For more information and advice on entry, see the website for standards of living for retirement. Registrations are open until September 3rd and the winners will be announced at the PLSA annual conference from October 12th to 14th.
PLSA’s Director of Policy and Advocacy, Nigel Peaple, said, “The standards of living for retirement create a common language for retirement planning and are a really powerful tool in helping people imagine the cost of retirement.
“With the work of the adopters making the standards available to more than 14 million savers, I was already very impressed with the clever and innovative way they are used in member communication.
“I’m excited to see this year’s attendees build on the standard of living in retirement and help more savers engage with their retirement for better income after retirement.”