9th February 2017

Prudential: When a checklist gives you a ‘Defined Benefit’!

It’s estimated that one in three working people in the UK will reach retirement by 2020*. And within 20 years, nearly a quarter of the UK population will be aged 65 or over – around an estimated 20 million people.**

Pensions Freedom, medical advancements and healthier lifestyles have changed the way in which we retire, opening the door for people to live their retirement in a completely different way. Clients are living much longer – people used to take their tax free cash, buy an annuity and retire. Not anymore!

How have things changed? 

• The cost of annuities has made them less attractive and people are looking for new solutions.
•  People are generally healthier and living longer in their retirement, so they’re making different decisions and choices.
• They need ‘solutions’ that can last and stand the test of time.
• Some also prefer to have the flexibility to leave their wealth after they’ve died to whomever they choose.

How will Prudential’s defined benefit checklist support your advisers?

• It’s a tool to help them deal with the regulatory-sensitive area of defined benefit transfers.
• It gives them the opportunity to review their existing book and identify similar cases where the checklist could help.

The defined benefit for you is that by helping your adviser, you could now have an adviser as a client for life!

To view the checklist, click here.

 *Source:ONS, Labour market projections 2006-2020.
**Source:ONS, Sept 2010, Statistical Bulletin.

Retirement, Pensions