Whatever your view of savings and pensions, all the evidence points to one simple fact.

We are not saving enough.

More than ever before we are responsible for our financial future. The age of responsibility has begun, but are we ready? Join the conversation at #AgeofResponsibility

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Scroll down to get a sneak peak inside.

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Everything Changes on the 1st of April, Are You Ready?

On the 1st of April 2015 the rules change. The pension reforms announced a year ago come into effect. We will now have choice and uncertainty. Gone are the days when your pension promised a defined benefit. You contribute now, and hope it will be enough then. The hard truth is, for most people, it won’t be.

At Redington we long for a day when everyone (and we mean everyone) will feel confident and in control of their financial future. This is why we have gathered together some leading thinkers to explore how we might surmount this impending crisis.

The Age Of Responsibility report is a first step in opening up this conversation. It is a first step toward focusing our society on the problem. We hope it is the first step toward solving it.


Download The Full Report


You can get an overview and executive summaries further down this page.

Lord Hutton of Furness


"How much do I need to save for my retirement?" is a difficult but important question.

The UK pension landscape has undergone profound change in the last 30 years. At the heart of the Turner Commission is the idea that the state should no longer be responsible for ensuring adequate income in our retirement. They argue the responsibility should now lay with you and me. Dr Amlan Roy points out that some in the US say you may need to save 15% of your income or more. He argues in the UK it may be higher. This is why encouraging more people to save should now be amongst the most important drivers in public policy. This is how we can best prepare ourselves for changes that are coming.

Chapters from the Report

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1

Retirement challenges in a lower growth world

By Dr Amlan Roy - Credit Suisse

The world of retirement and pensions is undergoing rapid transformative changes. Learn how a proper understanding of the macro-environment and big picture can help you deal with retirement issues.

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2

Using behavioural research to help people save for retirement.

By Felicity Algate - Behavioural Insights Team (BIT)

By better understanding how people respond to different incentives, decision-makers can design and implement better policies and services. See how behavioural insights can drive retirement solutions which are Easy, Attractive, Social and Timely.

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3

Enhancing 'nudge' with a framework of asymmetric paternalism

By Dr. Peter Brooks - Barclays

Behavioural finance has found its way into mainstream policy and business. Read about how behavioural finance insights combat the problem of low levels of retirement savings.

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4

What is the direction of travel for UK pensions policy?

By Chris Curry - Pension Policy Institute

Will pensions continue to play a role in providing retirement income in the future? A look at the recent changes to pensions policy and other attractive saving mechanisms.

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5

How to engage young people with pensions

By Sophie Robson - MRM

It is imperative that young people engage in pensions. Understand the barriers to young people saving for their retirement and find out which 3 areas policymakers should focus on to engage Generation Y.

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6

Financial education as a life skill not just a subject

By Steve Stillwell - Personal Finance Education Group

The low levels of financial literacy in many countries is particularly worrying given the increased financial responsibility people face. There is no time for complacency, read this chapter to see what can be done.

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7

The future of retirement savings: the role of guidance

By Melinda Riley - The Pension Advisory Service

Most people find pensions confusing, complex and difficult. How can guidance can help to create a population of confident and informed decision-makers?

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8

Good quality financial advice is a key part of the solution

By Ian Price - St. James's Place

What factors prevent people from making good financial decisions and save for retirement? Discover how an expert, trusted and aligned financial adviser can help deliver good long-term financial outcomes for savers.

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9

Using technology to improve the way we interact with our savings

By Andrew Firth - Wealth Wizards

Technology will significantly reduce the cost of delivering retirement savings. Find out how the UK can stay at the forefront of financial technology and innovation.

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10

How advances in platform technology can reduce costs and improve flexibility

By Hugh Evans - FnZ

Find out how emerging platform technology can create an outcome-based strategy for individual savers. And also how it can drive down the cost and bring efficiency gains for consumers.

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11

Helping employees today to think about their tomorrow

By Roz Watson - Ferrier Pearce

What communication techniques are available for you to effectively engage with pension saving? A look at the techniques available and who is responsible for ensuring members are equipped with everything they need.

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12

A new crisis in retirement planning?

By Professor Robert Merton - Dimensional

How can the investment strategy of Defined Contribution pension schemes be better aligned to meet members’ long-term goals? Here’s a discussion of the issues and a look at tools available to align strategy with objectives.

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13

Aligning investment products with member objectives

By Tim Horne & Stephen Bowles - Schroders

Is your pension invested in the default fund? An exploration of the innovative investment products available for DC default funds and how they can create greater certainty of outcomes for savers.

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14

Governance of workplace pension schemes

By Raj Sharma & Tom Barton - Pinsent Masons

Governance – what exactly is it? Despite many investigations, the term still defies precise definition. Here’s a perspective on what “governance” can and should achieve for those saving into a pension.

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