Is your business ready for the future of pension provision

In April 2015, the government introduced new pension rules broadening the pension options available to savers in defined contribution (DC) schemes, giving them more freedom and control over their pension pots. The legislation enables those aged 55 and over to withdraw any amount from a DC pension scheme. After the changes were announced, Willis Towers Watson’s master trust, LifeSight, commissioned independent research that revealed heightened interest in pensions, and not just from those approaching retirement age. The research, titled Factor 55, showed that young people are increasingly seeking insight into what their finances might look like when they retire. More importantly, they have a growing appetite to begin influencing outcomes now.