The Retirement Income Summit 2024 discusses the future of retirement incomes, focusing on state pension adequacy, intergenerational fairness, and the need for policy reforms. Key presentations highlight increasing state pension costs, generational wealth inequality, the importance of private pension systems, and the necessity for updated legislation on automatic enrollment. Throughout the summit, experts emphasize the urgent decisions required to ensure equitable support for all demographics in retirement planning.

1. Retirement Income Summit 2024
Building intergenerational fairness
@ILCUK
#RetirementIncome

2. Welcome
Will Sherlock, Head of External Relations, M&G
#RetirementIncome @ILCUK

3. Thank you to our sponsors:
#RetirementIncome @ILCUK

4. The future of retirement incomes
David Sinclair, Chief Executive, ILC-UK
#RetirementIncome @sinclairda / @ILCUK

5. The State Pension debate
Chair: Stuart McDonald, Head of Longevity and
Demographic Insights, LCP
#RetirementIncome @ILCUK

6. Chair: Stuart McDonald, @ActuaryByDay
Daniela Silcock, Pensions Policy Institute, @PPI_Research
Jonathan Cribb, Institute for Fiscal Studies, @JCribbEcon / @TheIFS
#RetirementIncome @ILCUK

7. Presentation
Daniela Silcock, Head of Policy Research,
Pensions Policy Institute
#RetirementIncome @ILCUK

8. State Pension and
adequacy
Daniela Silcock, Head of Policy Research, Pensions
Policy Institute (PPI)
@PPI_Research

9. Life expectancy at birth of males and females
from 1981 to 2070 (cohort life expectancy)
ONS Data
70
75
80
85
90
95
100
1981
1988
1995
2002
2009
2016
2023
2030
2037
2044
2051
2058
2065
Life
expectancy
Year
Male Female
500,000 300,000 100,000 100,000 300,000 500,000
0
10
20
30
40
50
60
70
80
90
100
Women Men
Demographics have increased State Pension costs
UK population pyramid, 2020
ONS data

10. 60
61
62
63
64
65
66
67
68
69
2010 2014 2018 2022 2026 2030 2034 2038 2042 2046
Women
Men
Age
State Pension age under current legislation
Today
State Pension
age is rising to
age 68 by the
2040s

11. SPa rises decrease the costs of State Pension, but the overall costs are
projected to continue rising
5.0% 5.1% 5.0%
5.7%
5.9%
6.1%
6.1%
6.2%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
6.2%
6.4%
6.6%
6.8%
7.0%
2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049
SPa increase
SPa increase
Illustrative projected cost of State Pension as a percentage of GDP (DWP projections)

12. 12
Chile – 0%
Iceland – 0%
Mexico – 15%
Israel – 10%
Australia 0%
Denmark – 30%
United Kingdom – 22%
Switzerland - 22%
Netherlands – 29%
Estonia – 28%
Ireland – 30%
Japan – 31%
United States – 39%
Germany – 42%
Slovenia – 42%
Slovak Republic – 53%
Spain – 74%
Austria – 74%
Luxembourg – 77%
Turkey – 73%
Portugal – 75%
Italy – 75%
Greece – 73%
Hungary – 63%
Finland – 57%
France – 60%
Czech Republic – 49%
Belgium – 43%
Norway – 40%
Poland – 31%
New Zealand – 40%
Latvia – 44%
The UK State Pension is relatively low
Gross pension replacement rates from mandatory public pension schemes (state pensions) in OECD countries in 2021
Lithuania – 20%
South Korea – 31%
Canada – 39%
Sweden – 41%

13. 13
Adequacy and State Pension

14. Presentation
Jonathan Cribb, Associate Director and Head of Retirement,
Savings, and Ageing, Institute for Fiscal Studies
#RetirementIncome @ILCUK

15. @TheIFS
The state pension debate
(in 6 minutes)
Jonathan Cribb
Associate Director, IFS
• 22 April 2020
• ILC-UK
• Retirement Income Summit

16. • Increasingly comprehensive system following the reforms of 2010 and
2016
• State pension gender gap has fallen to <5% for new retireees
• Higher “basic” level of state pension through the NSP: better foundation
for retirement incomes
• Full NSP: 30% of median full-time earnings; should avoid poverty unless (potentially)
single private-renter
• We do not have the very high spending on unfunded pay-as-you-go state
pension schemes e.g. seen in France (14% of GDP)
• But we need a well-functioning private pension system
• First universal increases in the state pension age have been implemented
– sensible policy to help control costs
Report title (Insert > Header/Footer) © Institute for Fiscal Studies
Lots to like about the state
pension

17. © Institute for Fiscal Studies
Need for a plan on indexation: triple lock
creates uncertainty over level and cost
Source: Figure 6.1 Cribb, Emmerson, Johnson, Karjalainen (2023) ‘The future of the state pension’
28%
30%
32%
34%
36%
38%
2020
2025
2030
2035
2040
2045
2050
State
pension
as
a
share
of
average
earnings
90th percentile
-> Costs £40bn per year in 2050
50th percentile (median)
10th percentile ->
Costs £5bn per year in 2050
Simulated distribution of new state pension as % of median earnings

18. © Institute for Fiscal Studies
… and relying on a higher SPA to
control costs hits the poor harder
-8%
-7%
-6%
-5%
-4%
-3%
-2%
-1%
0%
Poorest 2 3 4 Richest Average
Wealth quintile
SPA of 67
Earnings indexation
Distributional impact of increasing SPA by one year or moving from triple lock to earnings indexation, effect of
lifetime state pension income, MEN.
Source: Figure 6.3 Cribb, Emmerson, Johnson, Karjalainen (2023) ‘The future of the state pension’

19. Quick conclusions
Report title (Insert > Header/Footer) © Institute for Fiscal Studies
• Some optimism: UK state pension system working well
in many ways
• Some urgent decisions needed in the next parliament
• Additional support for those struggling to work to SPA, given
SPA increasing to 67 2026-2028
• Will SPA increase to 68 be brought forward to 2037-39?
Decision needed soon to give ten years’ notice
• Long term decision making needed on the level of the
state pension
• NSP should rise in line with earnings in long run, but still
protect pensioners during times of high inflation (not a ‘double
lock’).
• Some more thought needed on interaction between
state and private pension system

20. The Institute for Fiscal Studies
7 Ridgmount Street
London
WC1E 7AE
www.ifs.org.uk

21. Keynote: An interview with Rt Hon Sir
Stephen Timms
Chair: Sue Lewis, Trustee, ILC UK
#RetirementIncome @ILCUK

22. Retirement income and
intergenerational fairness
Chair: Siobhan Lough, Actuary, Hymans
#RetirementIncome @ILCUK

23. Chair: Siobhan Lough, @hymansrobertson
Professor Jo Blanden, University of Surrey, @JoBlanden / @UniOfSurrey
Molly Broome, Resolution Foundation, @mollybroome_ / @resfoundation
Dr Vivienne Burrows, ILC-UK, @ILCUK
Clive Bolton, M&G, @mandgplc
#RetirementIncome @ILCUK

24. Presentation
Jo Blanden, Professor of Economics, University of
Surrey
#RetirementIncome @ILCUK

25. G E N E R A T I O N S A N D
E C O N O M I C I N E Q U A L I T Y
PROFESSOR JO BLANDEN
CENTRE OF EXCELLENCE ON AGEING
SCHOOL OF ECONOMICS, UNIVERSITY OF SURREY

26. I N T E R G E N E R A T I O N A L P E R S I S T E N C E
• A measure of the strength of the relationship between family
background and children’s later economic success.
• Much research and discussion has focused on parents’
investment in children and the impact of this on later earnings
and family income.
• But as total wealth grows earnings are becoming a less
important determinant of economic wellbeing.
• Despite data limitations some facts are emerging on the extent
of intergenerational wealth inequality.

27. K E Y
Q U E S T I O N S
What is the total intergenerational
persistence in wealth?
How has it changed?
What drives it?

28. W H A T I S T H E T O T A L
I N T E R G E N E R A T I O N A L P E R S I S T E N C E I N
W E A L T H ?

29. H O W H A S I T C H A N G E D ?
• This is hard to estimate directly so we rely on information on
home ownership.
• We find that home ownership has become increasingly
associated with parental home ownership over the last 20 years.
(Blanden et al, 2023)
• Expressed differently, home ownership has fallen among those
in their 30s and 40s, and it has fallen disproportionately among
those whose parents do not own their own homes.
• We can reasonably assume that the relationship between parent
and child wealth has also increased.

30. Presentation Name | Date | Version 0.0 30

31. W H A T D R I V E S I N T E R G E N E R A T I O N A L
W E A L T H T R A N S M I S S I O N S ?
• Intergenerational transmissions of wealth are stronger than
intergenerational transmissions of earned income.
• Even among individuals with the same earnings, wealthier
parents have wealthier children. Those with richer parents have
also been shown to invest in more risky assets.
• But primary drivers are gifts when individuals are in their 20s
and inheritances when individuals are older. Inheritances are
larger and more likely to be received by those who earn more,
meaning that they magnify overall intergenerational persistence.

32. Presentation
Molly Broome, Economist, Resolution Foundation
#RetirementIncome @ILCUK

33. June 24
@resfoundation
Retirement Income Summit 2024
Retirement income and intergenerational fairness
Molly Broome, Resolution Foundation

34. 34
Estimated mean real defined benefit pension wealth of full-time employees at age 60, by five-year age cohort: GB
Notes: Data is adjusted into 2022 prices using the earnings deflator. Historic pension wealth is based those aged 58 to 62. Projected pension wealth assumes people retire at age 60.
Source: RF analysis of ONS, Wealth and Assets Survey; ONS, Labour Force Survey. @resfoundation
Older cohorts have more DB pension wealth

35. 35
Estimated mean real defined contribution wealth of full-time employees at age 60, by five-year age cohort: GB​
Notes: Data is adjusted into 2022 prices using the earnings deflator. Historic pension wealth is based those aged 58 to 62. Projected pension wealth assumes people retire at age 60.
Source: RF analysis of ONS, Wealth and Assets Survey; ONS, Labour Force Survey. @resfoundation
Younger cohorts have more DC pension wealth

36. 36
Estimated mean real defined contribution wealth of full-time employees at age 60, by five-year age cohort: GB​
Notes: Data is adjusted into 2022 prices using the earnings deflator. Historic pension wealth is based those aged 58 to 62. Projected pension wealth assumes people retire at age 60.
Source: RF analysis of ONS, Wealth and Assets Survey; ONS, Labour Force Survey. @resfoundation
Higher interest rates make saving for retirement easier

37. 37
Estimated mean real defined contribution and defined benefit pension wealth of full-time employees at age 60, by five-year age cohort: GB​
Notes: Data is adjusted into 2022 prices using the earnings deflator. Historic pension wealth is based those aged 58 to 62. Projected pension wealth assumes people retire at age
60.
Source: RF analysis of ONS, Wealth and Assets Survey; ONS, Labour Force Survey. @resfoundation
But higher rates only marginally improve the outlook

38. June 24
@resfoundation
Retirement Income Summit 2024
Retirement income and intergenerational fairness
Molly Broome, Resolution Foundation

39. Perceptions of
intergenerational inequality
13 June 2024
Vivien Burrows
Senior Research Fellow, ILC UK
@ILCUK
#RetirementIncome

40. Few people feel wealth in the UK is fairly
distributed
0
10
20
30
40
50
60
18-24 25-49 50-64 65+
%
Wealth is fairly distributed
Older generations receive a
disproportionate share
Younger generations
receive a disproportionate
share
Source: YouGov survey of 2,054 adults. Fieldwork undertaken 15 – 16 May 2024. Question: Now thinking
about the distribution of wealth in the UK. Which of the following statements comes closest to your view?
This is particularly the case
among younger
generations, with more than
1 in 2 people under 50
feeling that older
generations receive a
disproportionate share of
wealth.

41. Most anticipate waning government support
for older generations in the future
0 20 40 60 80 100
18-24
25-49
50-64
65+
Increased
Decreased
About the same
Don't know
Source: YouGov survey of 2,054 adults. Fieldwork undertaken 15 – 16 May 2024. Question: Do you think
the overall level of government for older generations will have increased, decreased, or stayed about
the same for today’s younger generations by the time they reach retirement age?
More than half of
respondents aged 25 and
over believe that today’s
younger generations cannot
expect to receive the same
level of government support
as current retirees when
they reach retirement age.

42. There is a significant appetite for saving
across all age groups
Top 3 financial priorities:
Source: YouGov survey of 2,054 adults. Fieldwork undertaken 15 – 16 May 2024. Respondents could select more than one
answer. Question: Imagine that you were given £10,000 today. Which, if any, of the following ways would you choose
spend it? Please select all that apply.
18-24 25-49 50-64 65+
1. Savings (73%) Savings (50%) Savings (47%) Savings (51%)
2. Housing, e.g.deposit,
paying rent/
mortgage (51%)
Paying off existing
loans (38%)
Retirement
saving (31%)
Helping out
family/ friends
(37%)
3. Invest in stocks and
shares (27%)
Housing, e.g.deposit,
paying rent/
mortgage (37%)
Holiday (26%) Holiday (30%)
However, less than 1
in 10 people under
50 said they would
put some of the
money away for
retirement

43. Presentation
Clive Bolton, CEO – Life Insurance, M&G
#RetirementIncome @ILCUK

44. 1. What the research shows us: the intergenerational contract needs
to keep pace with changing societal trends.
2. The intergenerational bond is important because all age groups
benefit, but it’s a complex picture.
3. A reset is coming because savers are facing different pressures
and new expectations.
4. What should we do about it? Champion the intergenerational
contract because it requires dynamic support.
Clive Bolton, CEO of Life, M&G plc

45. How can we boost and saving for
retirement?
Chair: Nigel Waterson, Chair of Trustees, ILC-UK
#RetirementIncome @ILCUK

46. Chair: Nigel Waterson
Jordi Skilbeck, Pensions and Lifetime Savings Association, @thePLSA
Nida Broughton, Behavioural Insights Team. @B_I_Team
Shelley Morris, Living Wage Foundation, @LivingWageUK
#RetirementIncome @ILCUK

47. Presentation
Jordi Skilbeck, Pensions and Lifetime Savings Association
#RetirementIncome @ILCUK

48. Jordi Skilbeck, Senior Policy Advisor - PLSA
Jordi.Skilbeck@plsa.co.uk

49. The current situation
 According to PLSA research,
more than 50% of savers will
fail to meet the retirement
income targets set by the 2005
Pensions Commission and
without policy intervention,
most people in the UK will
retire with inadequate pension
income.
 The 32% of the total population
missing the PLSA RLS
Minimum level equates to 6.3
million households.
Percentage of the population on track to hit each RLS level

50. What needs to happen

51. MODERATE £31,300
MINIMUM £14,400
£26,532
£25,095
£21,073
£18,344
£17,985
£20,355
HALF
MEDIAN
MEDIAN
TWICE
MEDIAN
CURRENT RETIREMENT OUTCOME VS CUMULATIVE PLSA POLICY RECOMMENDATIONS TO 12%
COMFORTABLE
£43,100
PLSA POLICY RECOMMENDATIONS VS RLS AT 12% CONTRIBUTIONS - 2024

52. • The findings
of the
research
suggest that
eliminating
the Automatic
Enrolment
trigger for
individuals
earning less
than £10,000
could have a
significant
positive
impact of
How does AE reform interact with low-earners?
From a total population (100% of low earners) removing groups that are considered either to not be
impacted by the policy change or whose personal or household financial circumstances make them more
resilient results in a subpopulation of around 10%.

53. • To improve retirement incomes for savers, the next Government should:
 Extend automatic enrolment: Introduce the secondary legislation needed to
enact the powers contained within the Pensions (Extension of Automatic
Enrolment) Act 2023 which will allow saving from the first pound of earnings
and from age 18.
 Publish roadmap for raising automatic enrolment contributions: Set out a
roadmap for raising contributions gradually over the next decade. Increases
in contributions should be split 50/50 between employers and employees so
that each must pay 6%. This means an increase of only 1% for employees and
3% for employers so that total contributions reach 12% by the mid-2030s.
 Employment Bill – Scope of automatic enrolment: Bring forth an Employment
Bill to reclassify gig economy workers so they can start saving into a pension.
Immediate Request of the next government in reforming AE

54. Presentation
Nida Broughton, Director, Economic Policy,
Behavioural Insights Team
#RetirementIncome @ILCUK

55. 55
Boosting private saving for retirement
Nida Broughton

56. Auto-enrollment has had a massive impact on pensions saving….

57. …but it’s only got us so far….
Defaults ≠ engagement
● 87% saving less than 15% of
earnings (IFS)
● Unintended consequences?
AE individuals per month
(Beshears et al 2024):
○ +£35 pension savings
○ +£7 debt
● Quarter of people swayed by
short term benefits vs long

58. 58
Designing an environment where it’s easy to make
good choices
Defaults, nudge+ & self-
nudges
Example: Save More
Tomorrow increases
saving from 3.5% to
13.6% over 40 months
(Thaler/Benartzi)
Systematically taking
friction out of processes
Example: Warm
transfers from pension
providers to Pension
Wise increases
appointment booking
from 3% to 14% (BIT)
Designing the information
environment
Example: £100 cashback
incentive makes people
20% more likely to say
they would transfer
their pension to an
option that would leave
them £1,000 worse off
(BIT)

59. Get in touch:
© Behavioural Insights Ltd.
59
nida.broughton@bi.team

60. Presentation
Shelley Morris, Senior Project Manager - Living
Pension, Living Wage Foundation
#RetirementIncome @ILCUK

65. Signing up to Living Pension has really helped
us… demonstrate that we look after our
colleagues today and in the future, and that
enables us to attract and retain talent.
It has improved our ability to communicate
about how pensions work and financial
wellbeing generally and we have had better
engagement from colleagues.
Nathan Mallow, Coastline Housing

66. Thank you!
Shelley Morris
Senior Project Manager
Living Wage Foundation
www.linkedin.com/in/shelley-morris-lwf/
shelley.morris@livingwage.org.uk

67. How can we better use our wealth to
support a decent income in
retirement?
Chair: Sarah O’Grady, Former Social Affairs and
Education Editor, The Daily Express
#RetirementIncome @ILCUK

68. Chair: Sarah O’Grady
Tom Evans, Canada Life, @CanadaLifeUKadv
Tish Hanifan, Society of Later Life Advisers, @SOLLAadvice
Jim Boyd, Equity Release Council, @JWMBoyd / @Equity_Council
#RetirementIncome @ILCUK

69. Presentation
Tom Evans, Managing Director - Retirement, Canada
Life
#RetirementIncome @ILCUK

70. ILC Retirement
Income Summit 2024
June 2024
Tom Evans, Managing Director - Retirement

71. Annuity providers1 have
announced strong sales,
and Canada Life recently
reported record
individual annuity sales
of £1.2bn for last year.
But where is the annuity
market, and incomes,
heading?
Annuity rates are driven by the
returns available on long-term
gilts, which have increased
materially since the end of
quantitative easing in 2022 and
are expected to remain at
broadly similar levels in the
medium term.
1 :https://www.abi.org.uk/news/news-articles/2024/2/2023-sets-new-post-pension-freedoms-record-for-
annuity-sales/

72. Investment timeline
AT THE START OF 2022, A
BENCHMARK2 ANNUITY WITH
A £100,000 PURCHASE VALUE
WOULD HAVE PAID AN INCOME
IN THE REGION OF
ROLL THE CLOCK FORWARD
TWO YEARS, THAT SAME
ANNUITY WOULD PAY AROUND
OVER THE COURSE OF A 20-
YEAR RETIREMENT, THE
ANNUITY AT TODAY’S RATES
WOULD DELIVER AROUND
2022 2024 2042
£4,540 a
year
£7,000 a
year
FOR SOMEONE AGED 65
WITH NO HEALTH OR
LIFESTYLE CONDITIONS TO
DECLARE.
AN INCREASE OF 54%, DRIVEN
BY RISING INTEREST RATES
AND THE RETURNS AVAILABLE
ON GILTS.
EXTRA INCOME COMPARED
TO AN ANNUITY SOLD IN
JANUARY 2022.
£49,200
2 Canada Life benchmark annuity rates over time, £100,000 purchase price, 10-year guarantee, no health or lifestyle factors. 15-year gilt yields sourced
from ft.com.

73. How lifetime annuity rates have changed over time
0
1
2
3
4
5
6
7
8
9
1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023
%
rates
Age 60 Age 65 Age 70 15-year Gilt yields
Source: Canada Life annuity rates over time, as at 21/12/2023

74. Policy and regulatory drivers
Consumer
Duty
FCA Thematic
Review of
Retirement
Advice
Solvency II
reform
Advice
Guidance
Boundary
Review

75. Thank you
Canada Life Limited, registered in England and Wales no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Limited is authorised by
the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Canada Life International Limited, registered in the Isle of Man no. 033178C. Registered office: Canada Life House, Isle of Man Business Park, Douglas, Isle of Man IM2 2QJ.
Canada Life International Limited is an Isle of Man registered company authorised and regulated by the Isle of Man Financial Services Authority.
CLI Institutional Limited, registered in the Isle of Man no. 108017C. Registered office: Canada Life House, Isle of Man Business Park, Douglas, Isle of Man IM2 2QJ. CLI
Institutional Limited is an Isle of Man registered company authorised and regulated by the Isle of Man Financial Services Authority.
Canada Life International Assurance (Ireland) DAC, registered in Ireland no. 440141. Registered office: Irish Life Centre, Lower Abbey Street, Dublin 1, Ireland. Canada Life
International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland. Category A Insurance Permit holder with the Jersey Financial Services
Commission.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited, Canada Life Limited and Canada Life
European Real Estate Limited. Canada Life Asset Management Limited (registration no. 3846821), Canada Life Limited (registration no. 973271) and Canada Life European Real
Estate Limited (registration no. 3846823) are all registered in England and Wales and the registered office for all three entities is Canada Life Place, Potters Bar, Hertfordshire EN6
5BA. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Canada Life Limited is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Canada Life Platform Limited, registered in England and Wales no. 8395855. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Platform
Limited is authorised and regulated by the Financial Conduct Authority.
Stonehaven UK Limited, trading as Canada Life, registered in England and Wales no. 05487702. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.
Stonehaven UK Limited is authorised and regulated by the Financial Conduct Authority.
Canada Life and design are trademarks of The Canada Life Assurance Company.
1006XXXX - 0324 – Promotion approved xx/xx/24

76. Presentation
Tish Hanifan, Founder and Joint Chair, Society of
Later Life Advisers
#RetirementIncome @ILCUK

77. Presentation
Jim Boyd, CEO, Equity Release Council
#RetirementIncome @ILCUK

78. Jim Boyd
CEO
• Retirement Income Summit 2024

79. Death of final salary pensions
Only 7% of private sector employees active members of DB schemes, compared to 82% in
the public sector. (ONS 2020)
£1000 of average employee’s final salary before retirement, can expect £150 annually from
a DC scheme compared with £670 for DB.
Shortfall will need to be funded somehow.
Hard on pensioners. PLSA, shows the rising cost of living and an expectation to offer
financial support to grandchildren pushed up income moderate standard of living in
retirement by £8,000 over the last year.

80. Hard Choices
1). Load more weight on the shoulders of the younger generation. Huge, unfunded burden on the
state. Cost of State pension £100bn+ annually (Statista 2022), more than half of the cost of the
NHS.
Finding more from government pockets to bridge income shortfalls burdens young, increasing
intergenerational inequality.
Pensioner benefit spending 2023-24 - 11.3% total public spending (10.7% in 2022-23)/ 5.1%
GDP. (OBR)
2) Accept people will live longer in poverty
3) Find another way

81. There is another way
Savills estimates:
• UK net housing wealth exceeds £7tn
• Owner-occupiers aged 65+ record £2.587 tn of net housing wealth in homes worth a total of £2.735 trillion.
• Over 50s now hold 78% of all the UK's privately held housing wealth.
• Past 10 years, net housing wealth held by owner-occupiers aged 65+ risen by £1.111 trillion.
UK pension wealth estimated at £6.45 tn – many older people have greater wealth in property than pensions.
Yet when people consider retirement income, they tend to limit considerations to pensions wealth.

82. Barriers
Lack of trust – in products and financial advice more broadly.
Equity release transformed since 1980s: formal regulation, innovation with flexible products, Equity Release Council
standards.
Attitudes - Many elderly see later life products as “last resort” – a sign of failure; guilt denying an inheritance to young.
Changing - 3 in 5 UK homeowners (nearly 19 m) interested in releasing money from their home in later life to meet
needs. Biggest shift among 35-44 age group, 78% interested accessing money from value of future home. (Home
Advantage - polled 5,000 consumers)
Lack of consumer awareness and fractured advice and regulatory silos – few know features and benefits of modern
products.
Approach financial adviser, no guarantee property wealth form part of the conversation. Many advisers work in silos –
either looking at mortgages, equity release, or broader financial planning, but too seldom all areas at once.
Regulatory framework does little to break down silos. Mortgages and equity release subject to different regulatory
framework to ‘wealth’ advice. Little imperative for ‘wealth-based’ financial adviser to consider property wealth in client
discussions.

83. Name one Solution
“Set the path from the top “
Government leads the direction by setting out a new, empowering, narrative for the
role housing wealth can play in later life and addressing legislative barriers.
This requires the Government to develop a ‘blue print’ for the functioning use of
housing wealth in later lending with the regulator, consumer groups and industry.

84. What should be the priorities for the
next government?
Chair: Jackie Wells, Strategy and Policy Consultant
#RetirementIncome @ILCUK

85. Chair: Jackie Wells
Joanna Elson, Chief Executive, Independent Age, @IndependentAge
Mick McAteer, Founder & Co-Director, The Financial Inclusion Centre,
@MickMcAteer
Steve Groves, Chairman, Key Group
#RetirementIncome @ILCUK

86. Summit Close
Anusha Mittal, Managing Director, Individual Life and
Pensions, M&G
#RetirementIncome @ILCUK

87. A big thank you to all contributors,
attendees and our sponsors
#RetirementIncome @ILCUK