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.

What’s happening inside the LGPS? image

What’s happening inside the LGPS?

Get the most informed take on the challenges and opportunities that substantial reform will bring at this year’s PLSA Local Authority Conference.
SIGN UP
For your free daily news bulletin
Highways jobs

Senior Project Manager (Regeneration)

West Yorkshire Combined Authority
£49,359 to £56,057 per annum (pay award pending) – Grade 9
With ambitious goals ahead, we need dedicated individuals who are ready to make a real impact as part of our expanding Housing team Leeds / Hybrid
Recuriter: West Yorkshire Combined Authority

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerPermanent, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerFixed Term, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

HR Advisor - Pay & Policy (Career Grade)

Wakefield Council
Grade 9 - Grade 10, Career Grade, 24 hours, Permanent
Are you ready to make a difference and shape policies that foster a high performing and inclusive workplace? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Leisure Support Assistant

Wakefield Council
£12,013.50 - £12,202.00, Grade 3, 18.5 hours, Permanent
Are You Ready to Make a Difference in Your Community? Wakefield, West Yorkshire
Recuriter: Wakefield Council
Linkedin Banner