Reports and Briefing Notes

Retirement income and assets: outlook for the future

This is the fourth in a series of research reports on retirement income and assets in the UK. The retirement income and assets series has been sponsored by Age Concern & Help the Aged (Age UK), the Association of British Insurers, The Department for Work and Pensions, the Investment Management Association, JP Morgan Asset Management and Prudential. 

This report summarises findings from the first three reports and considers how the trends and issues identified in them could combine to produce a picture of possible interactions between needs, income and assets for a future generation of pensioners reaching state pension age in 2030. In addition this report explores the ways that working longer and recent reform proposals for the funding of care and support could potentially impact on retirement income and assets.

Chapter one gives an overview of the main approaches to measuring the income needs of pensioners, explores how pensioners’ needs for retirement income vary over time, considers the sources of income which pensioners use in retirement and examines how levels and sources of income tend to change for pensioners during retirement.

Chapter two uses hypothetical case studies to explore how individuals may use income and assets to support retirement in the future.

Chapter three examines the role which state pensions play in providing income to pensioners and explores the potential effects of the Government’s state pension reforms on the role that state pensions could play in supporting retirement for pensioners in the future.

Chapter four examines the roles that private pensions and other financial assets play in providing income to pensioners, explores the potential impact of the Government’s private pension reforms, and the potential impact of changes already occurring in the private pensions market on the roles that private pensions and other financial assets could play in the future.

Chapter five examines the role which housing assets can play in supporting retirement and explores how the use of housing to support retirement may change in the future.

Press

Executive Summary