Pension savers need retirement 'journey plans'

Jonathan Stapleton
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Pension schemes should encourage members of defined contribution schemes to personalise their investment strategies by helping them set individual journey plans, a Watson Wyatt paper says.

The consultant's publication - entitled Journey Planning: a more engaging approach said establishing retirement targets, developing long-term saving journey plans and monitoring progress would make members better placed to take appropriate actions to ensure they have adequate retirement savings. Watson Wyatt senior consultant Gary Smith said: "In the current environment, where there is so much doom and gloom around pensions, it would be very useful for DC members to be able to put into context where they are on the savings journey relative to where they ought to be. "In many cases thi...

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