People are living longer, yet many (indeed the majority) are making insufficient financial provisions to provide for their old age. The savings and retirement gap is one of, if not arguably the, biggest issues facing society at present and one that due to a lack of action could cause severe problems in the not too distant future.
In principle, the idea seems pretty straightforward – plan ahead, be organised, put some money aside for later in life. The reality is, of course, far from that, with retirement the last thing on many people’s minds, no more so than among the Millennial generation whose focus often remains on the here-and-now, rather than the challenges they might face later in life.
While individuals clearly have principle responsibility for planning for their later lives, there is much that the pensions and asset management industries can, and indeed should, be doing to promote the importance of thinking ahead as it is very much in their respective interests to do so. Engagement is key, yet for various reasons is something the pensions space has struggled with, particularly for the Millennial generation.
But how can the engagement issue best be tackled in order to solve the savings and retirement crisis? And, most importantly, what should the pensions industry be doing to gain the attention and active participation of the Millennial generation?
In an upcoming five-part series, Simplitium’s Tom Hibbard, Head of Pensions Business Development, will explore the evolving pensions industry to assess the size of the “Millennial challenge”, the efforts of the pensions industry to date, and how new tools and thinking – education, technology, data – can best be used in response to the savings and retirement crisis.
About Tom Hibbard
As Head of Business Development for ClaritEx, Tom’s focus is on understanding the industry's ever-changing challenges, and bringing relevant stakeholders together to establish how new technologies can make a real difference to reporting in the pensions industry. Tom will use his knowledge of emerging technologies to create and deliver the governance solutions that Simplitium will provide for the pensions market.
Formerly a Business Development Manager at KAS BANK, he has extensive knowledge of the global pensions industry landscape. During his time at the bank, Tom was instrumental in building the strategy and brand for the UK branch, playing a key role in establishing its position in the market and growing revenue.
ClaritEx is the next generation pension cost data monitoring solution for the pensions industry. Powered by Simplitium, the service helps both DB and DC pension schemes access the information needed to make better investment decisions and meet increased governance obligations. In response to the ever-growing demand for greater transparency across UK financial services, ClaritEx provides comprehensive transparency of costs to the UK pensions industry.
Cost transparency is achieved through a combination of innovative technology with a detailed and expert understanding of the investment value chain. By collecting consistent and comparable cost data from both schemes and their underlying service providers, ClaritEx delivers full assurance of costs to market participants in an industry which has, until now, struggled to achieve transparency. For further information, please visit www.simplitium.com/claritex.
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