First Retirement Living Standards Awards shortlist named

Nine pension companies have been named on the shortlist to win the Pensions and Lifetime Savings Association’s (PLSA) first-ever Retirement Living Standards Awards.

The PLSA’s Retirement Living Standards - accessible to more than 14 million savers through more than 50 different organisations – are a practical and powerful tool used to empower savers to picture their retirement and engage more with their retirement planning needs.

Through our engagement with members, the PLSA has found that there is huge amount of activity happening with the Retirement Living Standards, with lots of exciting ways to engage members. Our desire to explore and recognise all of these exciting developments has led to the launch of the awards for adopters who show excellence in a variety of categories.

Entries will be judged in the following categories, with awards for each:

• Saver engagement, separately judged for schemes and providers – for entries judged to have communicated the standards most effectively through aspects such as ease of use, simplicity of message, visual representation, personalisation and demonstrated comprehension.
• FinTech/Innovation – for the entry which most impresses the judges for its use of technology to integrate the standards into tools, calculators or personalise income targets.

We are pleased to announce the shortlisted companies who are:

Saver Engagement: Scheme

• Railpen
• Lifesight (WTW)
• HSBC

FinTech / Innovation

• Legal and General
• MyEva (Wealth Wizards)
• Aon

Saver Engagement: Provider

• Standard Life
• EValue
• Aviva

The PLSA’s first round of awards – which will be judged by a panel of senior industry experts – are due to be announced shortly at our Annual Conference 2021 and updates to the research will also be reflected from October. The Retirement Living Standards use three levels of expenditure to help savers understand how much money they will need to live the lifestyle they want in retirement. We update the standards on a regular basis, carrying out further research with people across the country to ensure that they remain current, incorporate any changes in the costs of goods and services and reflect any changes in people’s expectations for retirement.