Phoenix Group’s think tank, Phoenix Insights, has rebranded as the Standard Life Centre for the Future of Retirement.
Since its inception in 2021, Phoenix Insights has been driving action in response to the challenges of people living longer, including influencing policy makers’ thinking on pensions adequacy and economic inactivity, to promoting the untapped potential of workers in their 50s and 60s.
The group said that working under the Standard Life brand will “supercharge” its ability to raise further awareness around retirement issues and campaign for change.
With more than half of all defined contribution pension savers retiring between 2025 and 2060 expected to be either not saving enough for the retirement they expect or facing an inadequate retirement, the think tank’s focus will pivot to how society can achieve financial security for all in later life.
Catherine Foot, director of the Standard Life Centre for the Future for Retirement, said: “How we work, save, and retire is changing. That traditional idea of spending decades in full-time employment and then retiring with a comfortable, guaranteed income is no longer going to be a reality for most people.
“There is an under-saving crisis in the UK, and if we don’t act now, we risk millions reaching retirement unable to afford the standard of living they expect. I’m incredibly proud of what we have achieved under Phoenix Insights, and working under the Standard Life brand will supercharge our ability to further raise awareness of these issues and campaign for change.
“This is particularly important at present following the Government’s expected review of retirement adequacy which provides a critical opportunity to reshape our pensions system to better address some of the challenges future retirees are facing.”
The Standard Life Centre for the Future of Retirement will campaign for future generations of retirees to be included in sufficient and affordable private pension saving; be supported to make good decisions throughout life about their pension saving and retirement income; work in good quality, flexible jobs that suit their lives; and be protected from poverty with state support through a sustainable State Pension and benefits system.
Andy Briggs, CEO of Phoenix Group, added: “Standard Life has sought to act as a force for good and to champion the needs of everyday people for over two hundred years. And as the engine behind Phoenix’s Group’s 12 million customers, it is in prime position to speak about the challenges everyone faces when it comes to how we work, save and plan for retirement.
“The addition of the pioneering think tank is both a celebration of the milestone and a statement of intent about the brand’s ongoing desire to act as a source of innovation and practical support to customers and society alike.”
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