Building a Better Retirement: Retirement Review 2023
This report offers a deep dive into the current state of retirement planning in the UK, beginning with key research objectives, sponsor insights, and an outline of the six major themes explored throughout. Section 1 focuses on the mindset and behaviour of savers—highlighting whether they feel financially prepared for retirement, their goals, and how they intend to use their savings.
Section 2 examines market impacts, covering recent policy changes such as the abolition of the Lifetime Allowance, government reforms aimed at increasing pension incomes, and challenges like consumer apathy towards pension consolidation. In Section 3, the report delves into the power of financial advice—looking at when people plan to retire, the perceived value of advice, and the importance of ongoing engagement with advisers.
Additional sections spotlight the gender gap in retirement planning, outline next steps for stakeholders, and present market analysis with insights from both advisers and providers. Altogether, the document presents a well-rounded snapshot of the pension landscape, identifying opportunities for better planning, communication, and support across the retirement journey.
