Taking on the long-term savings challenge

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The challenge

Too few people are taking, or are able to take, responsibility for their own pension and savings for the long term, which means they’ll lose out on a fulfilling future in retirement.

How we can help

There are a number of barriers to saving enough for later life, so we’re working in the areas where we believe we can make the biggest difference. We’re supporting people to secure their long-term financial future through our products and services, which we make sure are good value and respond to customer needs. We also look to fix faults in the pension system, and improve access to advice and guidance, through our campaigning work, and communicate directly with customers to help them engage with their savings.

Taking on the long-term savings challenge statistics. This image is an infographic and has alternative text available if you are using a screen reader.
  • 18 million people currently saving into a pension (56%) are not confident they are saving enough to give them the lifestyle they want in retirement.
  • 37% of people wrongly think the auto-enrolment minimum pension contribution level is the Government’s ‘recommended amount’ for a comfortable retirement.
  • Depending on personal circumstances, people who take professional financial advice can be up to £47,000 better off after 10 years.
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4 Determined to…

create solutions, products and services to enable a positive financial future

As a mutual we put our customers first. This means we focus all our effort on listening to customers, understanding their needs, and solving the problems that matter to them, rather than satisfying our shareholders. We treat our customers fairly, continually delivering value for money and doing everything we can to provide all customers with the best possible financial future regardless of how they came to Royal London.

To deliver on this commitment, we are:

  • Sharing our success with eligible members through ProfitShare
  • Designing products and services around customer needs and goals
  • Continually working to support all customers – including advised, non-advised and long-standing customers – to achieve the best possible outcomes
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5 Determined to…

fight for a fairer pension system and greater access to advice and guidance

Saving for retirement is a simple idea. So why are pensions so complicated? We think there’s a better way of doing things. That’s why we’re fighting for a fairer pension system, and improved access to advice and guidance. We use our voice to get the message across – lobbying and campaigning for positive change and championing the power of advice.

To deliver on this commitment, we are:

  • Pushing to improve the pension system, make it simpler, and ensure that no one misses out on the money they’re entitled to
  • Supporting improved access to pension information
  • Supporting advisers and promoting the value of advice
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6 Determined to…

help people engage with their long-term savings

We want to make sure that our customers are saving enough to meet their retirement goals. As a mutual, we always act in the best long-term interests of our members and customers. We use our communications and experiences to help them make good decisions about their pensions, at every stage of their savings journey.

To deliver on this commitment, we are:

  • Engaging with our members and customers using simple and supportive communications that are easy to understand
  • Designing communications around customers’ needs – like our mobile app, which enables customers to keep an eye on their pension from their phone, wherever they are
  • Getting employers and advisers on board by giving them all the information they need to fully support their employees and clients

Our social impact themes

We’ve identified three key social problems that we want to tackle for the benefit of our customers and communities – building financial resilience, taking on the long-term savings challenge and strengthening responsible business. Find out more about our other social impact themes.

Building financial resilience Strengthening responsible business