Catching the “at retirement” wave

In 20 years time more people will be retiring, having held down several, often diverse jobs, for different employers. The onus will be on individuals to regularly monitor their savings provision. Providers will need to ensure that their products incorporate the many features and benefits required to support these changing lifestyles. According to Joanna Hall, Financial ServicePartner, with technology consultancy CSC, variable annuities could prove to be the catalyst to get this market back on track

There is no doubt that the growth of the ‘at retirement’ market continues apace. Projections by the Office of National Statistics (ONS) estimate that the population of pre-retirees and retirees will increase by 30 million over the next 10 years across Europe. One person turns 65 years old every minute each day and better medical provision means that this ageing population is also living longer. Whilst this is the position today, the future is likely to prove even more challenging - not just for individuals who are being forced to be more accountable for their own financial provision, but also for providers seeking to address this market.