Published on : Aug 31, 2017
Albany, New York, August 31, 2017: The requirement for retirement income solutions is becoming more evident every year. Currently, lesser number of retirees are acquiring pension checks across the globe. The retirees are more likely taking a lump sum distribution into retirement, as they have little idea about how it translates into the monthly retirement income. A new research study by Market Research Hub, titled, “U.K. Retirement Income Solutions - August 2017” offers comprehensive analysis and forecast on the future direction of this market. A profiling of key companies operating in this sector is also offered to readers.
Offering an analysis on the market, the report states that a retiree faces either of the two situations, a good news, or a bad news regarding longevity. The good news is that people are more active and healthier in their post-retirement life. The bad news is ensuring their money persists as long as they live. The risk of people running out of money is making them plan for an effective saving so that the money is neither over-spent, nor under-spent in their retirement years, which may impact their lifestyle significantly. With rising number of baby boomers planning on their retirement, these challenges must be soon addressed by plan sponsors. Plan sponsors must consider the needs of a participant, and weight them against fiduciary and plan considerations, review the legislative environment, assess current course of the industry, and explore solutions that are currently available in the market.
This research study serves as practical guide, helping plan sponsors and retirement solution providers in evaluating potential retirement income solutions. The debate on development of solutions for retirement income is becoming quickly bogged down in arguments related to the pros & cons of products. There are lot of players having vested interests, and it is necessary to place consumers first, to set up the whole system well for the future.
Worldwide, most players assume that at least a fairly secure income, or some element of guaranteed income is included in the comprehensive income product for retirement (CIPR). However, it is difficult to have a sensible debate on the most important aspects of annuity-style products, wherein the interest rates are very low and are estimated to remain so in the years to come. In addition, it is hard to discern how CIPR can deliver a minimum income level, which will surpass an equivalent amount being invested in a pension drawn at minimum rates. These factors have necessitated the industry to form an overarching framework, which would govern the service of trustees to their members at the time of their retirement. The industry must also consider the problems being solved by the governments, management of longevity risk, and the income generation in retirement. One of the institutes has suggested that all the superannuation fund must possess an income governance framework for retirement, the same way funds possess guidance for insurance, and investment.
According to the report, clearer regulation can possibly make lifetime income plans attractive and viable alternative for workers, who are participating in the qualified retirement plans of their employers. One of the leading players in the retirement income solutions market, after considering numerous references, has offered a suggestion to enhance existing regulatory frameworks that govern qualified retirement plans across countries, in a bid to promote and facilitate a widespread adoption of the effective lifetime income options.
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