living to a 'ripe old age' Matters
In 2012 our Savings business helped our customers save £29 billion for their retirements yet to come. We also provide over 653,000 people who have retired with their pensions each year with £1.3 billion of income. But we know that this is not the case for all.
Financial security after you have finished working largely depends on having a stable income, which our products and services aim to provide. We help people to save for retirement through a pension, either individually or through their employer, and then provide an income through an annuity. We are actively involved in government consultations on changes to the State pension, Auto-enrolment and on the issue of long-term care funding.
We now know that to achieve this, there needs to be a number of insights and pieces of work to create workable financial solutions for us all to reach retirement:
- We need to understand the emerging social and economic trends around retirement.
- We need to encourage the current working population to save more for their retirement.
- We need a view of what we think is going to be needed in the future.
We believe that each generation has the opportunity to live a better life than the previous one. However, what concerns us is that there are an ever increasing number of countries around the world where there is strong evidence that this may not be the case where we operate businesses.
Why is dignity in later life important? Well, the level of dignity and choice when people are in the working population drops when people retire. Why?
That’s what we’re working to find out and help resolve. There are a number of initiatives we have delivered in 2012 that enable us to support a dignity in later life agenda.