Retirement plans and providers are embracing the Pensions and Lifetime Savings Association's retirement living standards initiative in their financial wellness programs to help participants set savings goals, delegates heard Thursday during the annual PLSA conference in Manchester, England.
Effective Thursday, the U.K. retirement industry has adopted the PLSA living standards initiative that will help U.K. savers understand what a minimum, moderate and maximum savings target will buy them during retirement in an effort to give them control over their savings, speakers agreed.
Carol Young, director of reward and employment at Royal Bank of Scotland, Edinburgh, said during a panel discussion Thursday that RBS will be adopting the standards and evaluating how the standards fit into the firms' financial well-being program.
On average, people have 11 jobs in their lifetime, and hopefully, the standards will be implemented by all employers, she said.
"We will be working with DC plan trustees to see if people are on track (to meet their desired standard) and how we can help," Ms. Young said.
The PLSA's initiative summarized standards to fall in a range between £10,000 ($12,640) and £30,000 in annual retirement income for individuals and between £15,000 and £45,000 for couples.
Among firms that signed up for the initiative are Legal & General Investment Management, Aviva and Lane Clark & Peacock.