Code: 2.6.3 · Adults
Understands that it is important to plan the pay-out phases of retirement as well as the accumulation phase
Aware of the main options for drawing an income from a pension product at retirement
Aware of the risks of drawing money from retirement savings or borrowing against them before retirement
Aware of reliable digital tools developed by impartial providers designed to make retirement related calculations and manage pensions on a regular basis
Follows retirement plan and makes adjustments as necessary in order to achieve required income in old age
Makes active decisions to manage savings for and during retirement (where relevant)
Seeks to benefit from incentive schemes to encourage retirement saving such as employer matching and tax advantages when possible
Considers the impact of nudges such as opt-out pensions or compulsory minimum contributions on retirement saving