Over 14 million savers have access to the Pension and Lifetime Savings Association’s Retirement Living Standards as part of the industry body’s drive to help people better plan for their future.
In total, 14.4 million savers, including 10 million active savers, will have access to the standards after 53 organisations adopted those, including 30 pension schemes, 17 pension business adopters and six other bodies.
The PLSA has set itself an adoption target of 90% of active savers by 2025 and says pension schemes can use the standards either in general information for their members, in annual benefit statements or to help develop personalised targets for their members’ pension planning.
In a poll conducted by the PLSA, over two thirds (67%) of respondents who have used the standards said they did so as part of online information, while a third had included them within annual benefit statements. Almost a fifth (19%) had embedded the standards into tools they provide for savers, including retirement income calculators.
The standards are divided into three levels; minimum, moderate and comfortable.
At the minimum level, a single person will need around £10,000, rising to £15,700 for a couple, which will cover all living standards plus a few extras.
A moderate lifestyle requires around £20,000 a year for singles and £29,100 for couples and allows for greater financial flexibility.
Retirees seeking a comfortable lifestyle will need over £30,000, increasing to £47,500 for couples.
Nigel Peaple, director of policy and research, PLSA, said: “With over 14 million savers now having easy access to the Retirement Living Standards, we are well on the way to helping the UK establish a common language to engage with retirement saving. By detailing the cost of different retirement lifestyles, the standards are helping people plan for, and picture, their futures.
“It’s been really encouraging to see so many pension and savings organisations proactively come to us asking for help with adoption and wanting to know more about the standards.”
