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PLSA rebrands as Pensions UK in defining period for retirement saving

Julian Mund said: “We will continue to do everything we can to help everyone get a better income in retirement.”

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Pensions and Lifetime Savings Association (PLSA) has rebranded as Pensions UK as it launches a new strategy for retirement saving. 

Pensions UK’s 2030 Ready report set out that by 2035, master trust assets are expected to rise from £165bn to over £700bn. 

Local Government pension scheme assets could more than double, approaching £trn. 

Defined contribution contract-based assets are forecast to reach around £600bn. 

Open defined benefit schemes will also continue to grow, but the overall size of the defined benefit sector is set to decrease.

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The report found one in five workers is projected to fall short of even the minimum retirement living standard. 

Life expectancy is rising, with a woman turning 65 in the 2030s likely to live to 89 and a man to 87. More people are expected to live past 100. 

Over 10% of over-65s are expected to be living in private rented accommodation by 2030. 

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More than 3.8 million retirees said they were worried their money would not last.

Pensions UK said it aims to help everyone achieve a better income in retirement. 

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The organisation wants a pension system that is affordable, fair and provides adequate income. 

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It is calling for well-run, well-regulated schemes and investments that deliver strong risk-adjusted returns, with schemes exercising fiduciary duties in the long-term interests of savers. 

Additionally, the organisation said savers should be supported in work and retirement by a simple, digital-first system, with advice and guidance that is effective and accessible. 

Pensions UK also raised concerns about risks attached to Government mandating investments.

Julian Mund, CEO of Pensions UK, said: “To shape the world we want to see in the 2030s, we must respond to change with clarity and purpose. 

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“Our strategy for 2025 to 2029 will prepare Pensions UK and its members to thrive as we enter the next decade. 

“We’ll make pensions better, influence policy, give outstanding value to our members, build a great place to work and secure our future as an authoritative, purpose-led and impactful organisation.”

Mund added: “We have a new name, new logo and new visual identity but, as the most trusted and authoritative voice of pensions, we will continue to do everything we can to help everyone get a better income in retirement.”

Emma Douglas, chair, Pensions UK board, said: “The world of pensions is changing fast, and we need to stay ahead as retirement saving plays a defining role for the UK. 

“The sector will require bold thinking and strong leadership.

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“Our policy work for the next five years will be based on our understanding of the world we are likely to see in the 2030s, from the experiences of members and retirees to the structure of the pensions market and the direction of public policy.”

Douglas added: “We’re drawing on the latest trends, projections and evidence to set out not just what is changing, but what must be done in response.”

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