Time to retire the pension?

Time to retire the pension?

As we retire the pension, changes in long term savings will be far reaching and long lasting. They will, though, offer an exciting new way of working - but only for investment managers who are willing to radically rethink the way they operate and become truly customer focussed.

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Partner, Savings and Wealth

KPMG in the UK

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Time to retire the pension?

Demographic changes, inadequate personal savings, new pan-European regulation aimed at improving transparency and the rise of technology. These all mean that instead of being the last link in the long term savings value chain, investment managers must now think of themselves as being at the start – the point at which the industry meets the customer.

This paper explores the challenges the investment management industry faces and the opportunities this presents for those forward thinking investment managers.

Key highlights

  • The annual pensions gap is €1.9 trillion, around 19% of GDP
  • Investment managers now have to focus on customers and not just products
  • An international perspective to long-term savings is required
  • Today’s consumers have less to invest, with a greater need to save given the disappearance of guaranteed retirement income
  • 73% of generation X look for peer recommendations when it comes to savings
  • FinTech driven investment providers are changing the investment landscape

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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