People today are living longer than ever before – if you reach age 65 in the UK, for example, you can expect to live for another 19.7 years on average. If you stop work before 65, and live longer than average, you could easily be retired for 25-30 years, which is almost as long as most people work!
All of that downtime later in life comes with perks, like the chance to spend more time with your loved ones. As much as I love my job, I look forward to spending the golden years with my family, friends and my dog.
But it also brings new challenges, the most obvious of which is money… can you support yourself for decades after starting your retirement?
The key is to plan ahead, but it is difficult to get interested in pensions; retirement is far too remote. Most people have no idea when they are going to retire, which makes the task more daunting. And the financial technicalities of retirement are complicated.
Given the size and complexity of our business, our challenge at ReAssure is to get the right people and the right tools in place to help customers with the burden of managing pensions, while at the same time finding innovative ways to keep the pensions journey as simple and as trustworthy as possible for the people we serve.
We've listened when customers told us that, when it comes to retirement planning, they don't want complex packs of information, they don't like jargon, and they don't like math.
So each year, we do our best to keep people informed. We send statements to millions of our customers providing them with projections on how much they could receive when they stop work. We do not just show this for a single date, but we help them understand what retirement would mean financially at five-year intervals from age 55, in order to clearly illustrate how their choices could materially impact their pension.
We also review individual policies and encourage our customers to move to simplified low cost funds, or more modern, flexible plans where appropriate. We’ve also chosen to cap the charges on small funds so that asset values won't be eroded over time.
All of these small changes help our customers make better choices about when they want to retire, and maximise their retirement income. Customers are at the heart of what we do at ReAssure, and they benefit directly from our modern administration system and large scale, which is designed to allow us to avoid the problems typically associated with legacy polices.
Retirement saving is complicated, and the need for simplicity is not going away. We pride ourselves on helping customers get their heads out of the sand and consider their options carefully in order to avoid unpleasant surprises.
Would you like to join our dynamic team and help customers with these types of far-reaching challenges? Please visit: https://www.careers.reassure.co.uk/
Category: Funding longer lives: Pension/retirement
Location: United Kingdom