Code: 2.6.3 · Adults
Managing pension products
Descriptors
Knowledge
What you can do at this level
- Kresiliencedaily-lifelarge-majority
Understands that it is important to plan the pay-out phases of retirement as well as the accumulation phase
- Kresiliencelarge-majority
Aware of the main options for drawing an income from a pension product at retirement
- Kresiliencedaily-lifelarge-majority
Aware of the risks of drawing money from retirement savings or borrowing against them before retirement
- Kdigitalresiliencedaily-lifelarge-majority
Aware of reliable digital tools developed by impartial providers designed to make retirement related calculations and manage pensions on a regular basis
Skill
What you can do at this level
- Sdigitalresiliencedaily-life
Follows retirement plan and makes adjustments as necessary in order to achieve required income in old age
- Sdigitalresiliencedaily-life
Makes active decisions to manage savings for and during retirement (where relevant)
- Sresiliencedaily-life
Seeks to benefit from incentive schemes to encourage retirement saving such as employer matching and tax advantages when possible
- Sresiliencedaily-lifelarge-majority
Considers the impact of nudges such as opt-out pensions or compulsory minimum contributions on retirement saving
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.