Video tutorial: Hymans Robertson's Lee Hollingworth on the impact of changes in retirement behaviour

Retirement in the workforce and the meaning of it is going through huge change in terms of what it represents now, according to Lee Hollingworth, partner and head of DC consulting at Hymans Robertson.

“Traditionally what retirement meant was you worked for an employer until a given age and then you retired and left the business. But that’s changed with flexible working. Employees have the right to put in a request to extend their working and pension provision is changing too,” he said.

Speaking at the REBA Innovation Day he talked about the world post pension freedoms. He said that there had been disturbing evidence of what he called systemic market failure such as poor irreversible decisions by consumers like cashing in their pension funds and moving it to a bank account, as well consumers being hit by pension scams.

He said organisations had to get employees back on track by providing better solutions to give them a clearer direction and pathways through their retirement journey and said technology could help to drive positive at-retirement outcomes.

This video was recorded at the REBA Innovation Day 2018, held in London on 22 November.