Retirement Living Standards Framework

The Retirement Living Standards framework has been created by the Pensions and Lifetime Savings Association. This is based on independent research by Loughborough University to help individuals or couples understand what type of lifestyle they could have in retirement.

We have been using this table in discussions with our clients to help them understand how a typical employee, enrolled in their Workplace Pension, might fall within this framework at the time of retirement on the basis of their pension pot.

This is useful as part of the conversation about what levels of contribution are required by employers and employees to provide for a comfortable retirement. Too often, employers and employees fall into the trap of assuming that minimum contributions are enough and rarely consider the long-term implications of their current approach.

If you would like us to give your Workplace Pension an overview, get in touch at hello@theinkgroup.co.uk.