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.

For your free daily news bulletin
Highways jobs

Youth Worker

Camden London Borough Council
£26,437 + £3,253 Inner London Allowance Pro Rata
Are you an experienced and passionate Youth Worker looking to make a real difference to the lives of young people in Camden? Camden, London (Greater)
Recuriter: Camden London Borough Council

Tree Officer

Camden London Borough Council
We are looking for an experienced arboricultural professional to join a busy Tree Section working with the most up to... Camden, London (Greater)
Recuriter: Camden London Borough Council

Adults Social Workers - Basildon

Essex County Council
Working to support adults and their families, who have complex social needs and are more vulnerable as a result of disability, exclusion, or diminishe England, Essex, Basildon
Recuriter: Essex County Council

Senior Engineer

Lincolnshire County Council
£35,745 - £39,880
Are you an experienced Engineer looking for a new challenge? Lincolnshire
Recuriter: Lincolnshire County Council

Systems Development Officer

North Yorkshire County Council
£27,741 - £30,451
Are you passionate about technology and systems development? Northallerton, North Yorkshire
Recuriter: North Yorkshire County 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