The winner of the Pensions and Lifetime Savings Association’s (PLSA) second Retirement Living Standards Awards has been named at this year’s Annual Conference.
Following a robust judging of each entry, Standard Life has been selected to win the prestigious prize for their work to ensure the Standards are accessible to as many savers as possible while both Wealth Wizards and Hub Group were highly commended for their entries.
The PLSA’s Retirement Living Standards – accessible to more than 35 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.
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.
The judges selected this year’s winner from a shortlist of pension companies. When selecting the winner all the judges felt that Standard Life were strongest on the grounds of excellent personalisation and segmentation, visual appeal for users and compelling evidence of gathering feedback to improve.
Donna Walsh, Head of Master Trust, Standard Life said: “The Retirement Living Standards are an excellent way to help people understand what their life in retirement could look like. We are delighted to win the Fintech Innovation award in recognition of our client analytics tool. By incorporating the Standards into the tool, our latest development is helping employers, Trustees and advisers answer the question – what standard of living are my members on track for?
“The tool also enables them to compare and contrast their metrics to both Standard Life and industry benchmarks with relevant campaign material available to their members to encourage them to use our retirement planning tool. Members can see what Standard they are on track for and what they can do to move between the levels. It has been great to work collaboratively with the PLSA on our latest developments.”
Julian Mund, Chief Executive, PLSA said: “I’d like to congratulate Standard Life for winning the PLSA’s Retirement Living Standard Award as well as Wealth Wizards and Hub Group for their highly commended submissions. Each has shown true dedication to ensuring the Standards are used in thought-provoking and innovative ways.
“We will continue to work with all adopters and Friends of the Retirement Living Standards – as well as those who have yet to adopt them – which help ensure they remain relevant for an ever-changing world.”