Roundtable discussion: The Global Savings Gap

Mar 21, 2018 | EVENT

A private roundtable discussion with Guy Opperman MP, Minister for Pensions and Financial Inclusion for a wide-ranging discussion covering savings, pensions and retirement income.

The discussion will begin with a presentation from ILC-UK’s Assistant Director of Research and Policy Ben Franklin on The Global Savings Gap, an ILC-UK report, supported by Prudential Plc launched last year featuring survey data from the UK, US and Asia on perceived readiness and expectations for retirements internationally.

The report found:

  • A reliance on public provision plus any current mandatory pension schemes will only be sufficient to deliver adequate retirement incomes in 3 out of the 30 countries and regions we explored for this report.
  • 28 of the 30 countries and regions examined face an intergenerational savings gap. The average amount that someone entering the workforce today will have to save to enjoy the same retirement income adequacy as current retirees is around $5,080 or 12.6% of earnings.
  • If people fail to save in the USA and UK, we project that they will face an intergenerational gap in excess of $10,000 a year (over 20% of earnings.

Since the report’s publication in July 2017 the Government has published its 2017 automatic enrolment review ‘Maintaining the Momentum’ and announced its intention to publish a white paper on defined benefit pensions. We are delighted to have the Minister joining us at our office for the morning to respond to ‘The Global Savings Gap’; elaborate on his Department’s current priorities; answer your questions and discuss your thoughts and concerns.

This event is closed for public.