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Retirement Line has become the latest company to lend its support to the Retirement Living Standards. This initiative helps consumers picture their retirement expenditure and the type of lifestyle they can expect.
The Retirement Living Standards from the Pensions and Lifetime Savings Association is based on independent research by Loughborough University. Leading advice firms, providers and other organisations use the standards when communicating about income needs in retirement.
The standards provide an illustration of what life in retirement looks like at three levels: minimum, moderate and comfortable. They include examples of how much common goods and services would cost for each level. These include food, transport, clothing and leisure activities.
Pension savers can use the standards to help them decide how much to put into their pension funds. People can also refer to them when deciding how to turn their pension savings into retirement income, through options such as an annuity or income drawdown.
Retirement Line is now a Friend of the Retirement Living Standards, along with companies including Legal & General and Standard Life. Our sponsorship helps fund ongoing research to ensure the standards remain up-to-date and relevant.
Speaking about the partnership, Mark Ormston, Retirement Line’s Director of Propositions and Corporate Partnerships says: “Initiatives like this are important because they help consumers to better understand retirement finances. These matters can be complex, but Retirement Livings Standards present clear information.
“Recent inflation volatility shows that regular reviews of the standards are needed to reflect the changing cost of living. We are therefore pleased to play our part in funding the necessary independent research.”
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