The UK is facing a retirement income crisis. 

With the demise of defined benefit pension schemes, alongside a lack of product innovation following 2015’s pension ‘freedom and choice’, the next generation of working individuals may find themselves unable to fund a comfortable retirement, while enduring increasing uncertainty along the way. 

However, our analysis indicates that product innovation may allow consumers to affordably meet their retirement needs, while presenting an attractive commercial proposition to the UK’s life insurers. 

In this talk, we will: 

Summarise the current retirement product landscape and the scale of the problems facing the UK’s working population 

Present our modelling of deferred annuity products, including a version with a (with-profits style) participating element 

Discuss how these products could be best used by consumers and insurers 

Our talk will build on the following publications: 

Deferred annuities: a missing piece of the retirement income puzzle?  

Deferred annuities: time to participate?

Speakers:

Owen Griffiths, Deloitte 

Andrew Kenyon, NatWest Markets