 |
|
 |  |  |  |
Prevailing industry wisdom has been that while DB pensions are dying, auto-enrolment and the new flat-rate state pension will soon be able to pick up the baton. |
While it is possible to tell a relatively optimistic story about pensions in the UK, this masks the fact that the ‘DC cavalry’ will take a long time to arrive. This paper delves into the data to analyse under-saving for retirement in modern times. With barely one quarter of employees, overwhelmingly those in the public sector, now building up DB pension rights urgent action is needed to speed up the accumulation of DC pension pots. If not, millions of private sector workers could reach traditional retirement ages simply unable to afford to stop work or forced to retire in relative poverty or rely on non-pension savings.
Key discussion points include:
For the first time, the paper shows the trend in the DB pensions built up by private sector workers alone.
LCP data on the inflow into retirement from closed private sector schemes is analysed to show how rapidly DB income will peak and decline in coming years;
The state pension projections are updated, taking account of administrative data on the early years of the new state pension, showing how it is gradually reducing the state pension gender gap. The impact of the ‘triple lock’ policy is also considered;
New modelling from the Pension Policy Institute into future levels of DC saving for men and women over the coming two decades shows a much less rosy picture of the extent to which the rise of DC will come in time to offset DB decline; and
The implications for public policy around retirement on the back of this analysis.
|
|
|
|
| Life actuarial analyst opportunities | ||
| South East / hybrid 1 dpw office-based - Negotiable | ||
| Life Actuary - Financial Reporting | ||
| South East / hybrid 1 dpw office-based - Negotiable | ||
| EXCLUSIVE: Corporate Pensions Consultant | ||
| Flex / hybrid - Negotiable | ||
| DB Pensions Actuarial Assistant Manager | ||
| Flex / hybrid 2 days p/w office-based - Negotiable | ||
| DC Pensions Actuarial Consultant | ||
| Flex / hybrid 2 days p/w office-based - Negotiable | ||
| Fully remote GMP consulting | ||
| Remote - Negotiable | ||
| GMP Actuarial (Senior) Consultant - R... | ||
| Remote - Negotiable | ||
| Actuarial modelling engineer with a d... | ||
| Flex / hybrid 2 days p/w office-based - Negotiable | ||
| Reinsurance Pricing Actuary | ||
| London - £110,000 Per Annum | ||
| P&C Risk Actuary - International | ||
| Bermuda - Negotiable | ||
| Actuary/Data Scientist | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| GI Pricing Manager | ||
| London or Scotland / hybrid 50/50 - Negotiable | ||
| Senior GI Pricing Analyst | ||
| Leeds / hybrid 2dpw office-based - Negotiable | ||
| Lead Actuary – Reinsurance Pricing | ||
| London / hybrid 3 dpw office-based - Negotiable | ||
| Actuary – Reinsurance Pricing | ||
| London / hybrid 3 dpw office-based - Negotiable | ||
| Snr Actuarial Consultant/Mgr: Pricing... | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| Snr Actuarial Consultant/Mgr: GI Capi... | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| (Senior) Actuarial Reserving Consultant | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| Risk Transfer Consultant | ||
| Any UK Office location / Hybrid working, 2 days p/w in office - Negotiable | ||
| Chief Underwriting Officer | ||
| Location upon application - Negotiable | ||
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.
Copyright © 2025 Actuarial Post. Created by Zero-One Design Ltd
