This event launched of a report that explored the long-term implications of the pension reforms for consumers and tax payers.
Harriett Baldwin MP, Economic Secretary to the Treasury (City Minister)
Nigel Keohane, Research Director, Social Market Foundation
Stephen Lowe, Group Communications Director, Just Retirement
Jane Vass MBE, Head of Public Policy, Age UK
Mary Ann Sieghart, Chair, Social Market Foundation
Since April 2015, people aged over 55 have been able to spend their pension savings however they want as part of the ‘freedom and choice’ reforms. This overturns almost a century of policy stability in which there was an expectation that retirees would annuitise the larger part of their pension savings.
This event will debate new research from the Social Market Foundation looking at the long-term implications of these changes for consumers and taxpayers. The report looks abroad to how retirees use their pension savings in other countries that have implemented regimes similar to the UK’s new framework, such as Australia and the USA, and it models the outcomes for UK retirees based on these international experiences. It goes on to propose new policy ideas to promote the best long-term outcomes for retirees.
Questions that will be debated include:
- What can we learn from other countries about the long-term implications of the new freedoms?
- Do policymakers have the right information to understand early and ongoing trends?
- How can we help consumers achieve positive outcomes in retirement?