In this IIL financial services lecture Michelle Cracknell will talk about how changes to society, changes to legislation and behaviours have affected the retirement journey. She will draw on the insight that The Pensions Advisory Service (the Government’s public service for pensions guidance), has on customers.

People are living longer, moving jobs more often and have different expectations on what they expect to do in retirement. The big question is what can people afford to do. the State pension has been set at a level that provides people with sufficient income to be above the benefits threshold but, for many, will not be sufficient to provide enough money to fund the retirement they want.

The pension legislation has been changed over the last 20 years switching the responsibility from the State and employer to the individual. The individual now has responsibility to decide how much to save, where to invest and how to take benefits.

Peoples in their 50s today probably see their parents living a comfortable retirement. The picture may be different for them unless they take an active interest in retirement planning. What can be done to get people to think about retirement?