Aviva and Age UK launch mid-retirement support pilot
Aviva and Age UK are launching a pilot program to help retirees manage their finances and make their pension savings last longer.
The “mid-retirement MOT” will provide financial and wellbeing checkups through Age UK’s National Advice Line and in-person sessions delivered by local Age UK organizations. It will initially target people aged 72 to 76 with defined contribution pensions in Norwich, York, Bristol and Sheffield.
Participants will receive guidance on pension savings, state benefits, estate planning, powers of attorney, household budgeting and avoiding fraud.
The 12-month pilot will begin later this year. Aviva and Age UK said its findings could support the development of a government-backed national program for people in mid-retirement.
Research published by the organizations last year found that 48% of mid-retirees were confident their private pension savings would last for life, while 65% said there was insufficient support for managing their financial needs.
“This intervention comes at a crucial time, with ever increasing numbers relying on defined contribution pension saving. As there is currently no widely available structured support available at this point in people’s lives, as things stand many will be left in the difficult position of having to take important decisions about their pensions while effectively guessing how long their money needs to last. Some people will be facing this challenge at the same time as they are experiencing physical and mental health problems too. No-one should be put in such an exposed position. It is essential that support is provided, and this pilot will explore the best way of delivering it. And it’s not just about pensions, the pilot will help address a range of issues, including care needs, tax, scams, and more besides. We’re hopeful that it will provide a template for how best to help people in mid-retirement, a pivotal point in their lives, and that it can be developed into a widespread offer from which everyone can benefit.” – Paul Farmer, CEO at Age UK.
