William Eichler 25 May 2021

Pension fund joins ‘national conversation’ on retirement planning

Pension fund joins ‘national conversation’ on retirement planning image

West Midlands Pension Fund (WMPF) has become the first fund in the Local Government Pension Scheme to join an initiative that’s starting a ‘national conversation’ about retirement planning.

WMPF, which is one of the UK’s largest pension funds, is among six organisations to become the first Friends of the Retirement Living Standards alongside major firms including Legal & General and Standard Life.

The fund is also the first of the 87 funds within the Local Government Pension Scheme to be involved.

The Retirement Living Standards scheme is run by industry body the Pensions and Lifetime Savings Association (PLSA) with the aim of creating ‘a common language to help the UK engage with retirement saving’.

By becoming a Friend, WMPF is contributing to nationally important research by Loughborough University’s Centre for Research in Social Policy, which continues to shape and refine the Standards.

Simon Taylor, assistant director (pensions) at WMPF, said: ‘At the West Midlands Pension Fund we recognise the importance of comprehensive retirement planning for members and this has formed an integral part of our member service delivery, with increased prominence over recent times. ‘As such, I’m really pleased that we’ve been able to link-in with PLSA on promoting Retirement Living Standards, which will serve to raise awareness and complement the work we undertake in this space.’

Launched in 2020, the Retirement Living Standards are fast becoming an industry benchmark in pension scheme communications.

They set out three different levels of retirement lifestyles – minimum, moderate and comfortable – based on a basket of goods and services that are monitored and updated by researchers.

The Standards have so far been adopted by 53 organisations covering more than 14.4 million savers. They are also increasingly used by policy bodies, think tanks and Government bodies when considering pensions adequacy.

Overcoming the barriers to Commercial Card use image

Overcoming the barriers to Commercial Card use

Want to reap the benefits of Commercial Cards but coming up against some challenges? James Sykes, Head of Commercial Cards, Lloyds Bank and David Legg, Head of Corporate Card Products, Lloyds Bank, discuss how the payments industry is helping organisations unlock their true value.
SIGN UP
For your free daily news bulletin
Highways jobs

Senior Project Manager

Leicestershire County Council
Up to £50,823 per annum
The role of this post is to oversee the project management, development and implementation of the County Council’s Major Transport Projects.. Leicestershire
Recuriter: Leicestershire County Council

Programme and Change Delivery Manager (Spatial Planning and Urban Design)

London Borough of Richmond upon Thames and London Borough of Wandsworth
£43,833 - £53,115 Depending on skills and experience
Are you a change delivery manager with expertise in England’s local government spatial planning and urban design sector? Wandsworth, London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Early Years Practitioner

The Royal Borough of Kensington & Chelsea Council
£26,544 - £30,618 per annum pro rata
This is a diverse area and we have high aspirations for all our children, starting with... Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Programme Manager - Association of Directors of Children’s Services

City of York Council
£50,000 to £60,000 pa
This role will help to shape an annual SLI work plan and variously oversee, facilitate, commission or directly deliver and... York, North Yorkshire
Recuriter: City of York Council

School Wellbeing Worker

City of York Council
£27,614 to £30,602 per annum
The role will involve providing schools with consultation and advice, training, direct work in... York, North Yorkshire
Recuriter: City of York Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue