Andrew Phillips

@csfoot.bsky.social @patrickjthomson.bsky.social

Decisions in the dark: How the DC pioneer generation are navigating retirement income decisions Retirement in the UK is changing. The shift from Defined Benefit (DB) to Defined Contribution (DC) pensions, combined with pension freedoms, longer working lives and a rising state pension age, means ...

Read the report on our website here: www.standardlife.co.uk/centre-for-t...

"I like the metaphor of stepping stones because that's kind of what it is. You're kind of transitioning from A to B, and I think stepping stones is much softer language than transitioning or changing. So for me, stepping stones is a nice way to describe it; it is a change."

- Female, 58

"I think you need to think about that [how much to draw down from your pension], because it's a bit like taking the plunge and you don't really know how deep the water is."

- Male, 59

A few example quotes:

"Peace of mind would be my priority. I would definitely trade off [some flexibility] for the peace of mind every time and the contentment."

- Female, 61

We found that:

- Transition to retirement is a period of emotional uncertainty, with peace of mind often trumping purely financial logic

- Shift to DC pensions creates a daunting landscape, leading to a strong desire for control and simplicity

- Decisions heavily influenced by emotional responses

Among people in their 50s and 60s, those reliant on DC pensions are early pioneers of a new type of retirement - defined not by a single event, but by a prolonged period of complex decision-making.

Through 25 in-depth interviews, we explored how psychology influences retirement income decisions.

Decisions in the dark: How the DC pioneer generation are navigating retirement income decisions Retirement in the UK is changing. The shift from Defined Benefit (DB) to Defined Contribution (DC) pensions, combined with pension freedoms, longer working lives and a rising state pension age, means ...

New research from us at the Standard Life Centre for the Future of Retirement:

"Decisions in the dark: How the DC pioneer generation are navigating retirement income decisions"

Report explores the psychology and emotions of accessing DC pension pots.

www.standardlife.co.uk/centre-for-t...

The Gorton and Denton by-election: a tale of two Manchesters? Unpopular incumbent + fragmented opposition + unusual seat = unpredictable contest

New Swingometer! The Gorton and Denton By-election: A tale of Two Manchesters

open.substack.com/pub/swingome...

How do other countries support longer working lives? Good work is important for people’s day-to-day finances, long-term savings and wellbeing. As a result, extending working lives is one of our priorities at the Standard Life Centre for the Future of Re...

How do other countries support over 50s to return to work?

I've written about this in my new article for the Standard Life Centre for the Future of Retirement.

Examples include 🇸🇬 Singapore, 🇨🇭Switzerland, 🇩🇪 Germany and more!

www.standardlife.co.uk/centre-for-t...

🚨Rare and exciting opportunity 🚨

We're looking to hire an exceptional economist to work on fiscal policy at the IFS. We don't do this often. It's a chance to shape, carry out and communicate research on some of the highest-profile topics in UK economic policy. [1/4]

Last chance to apply for this job - Policy & Research Manager at the Standard Life Centre for the Future of Retirement.

We're a pioneering think tank with a bold ambition to help everyone achieve long-term financial security.

fa-enor-saasfaprod1.fa.ocs.oraclecloud.com/hcmUI/Candid...

We're hiring - join us as a Policy & Research Manager at the Standard Life Centre for the Future of Retirement.

I joined in March last year and am really enjoying working here - so if you're interested do apply!

Deadline: 12 January.

fa-enor-saasfaprod1.fa.ocs.oraclecloud.com/hcmUI/Candid...

Delivering dignity? • Resolution Foundation When the Scottish Government introduced the Adult Disability Payment (ADP) in 2022 to replace Personal Independence Payment (PIP), it set out to do things differently. [i] Although the two benefits ha...

The Govt is undertaking the Timms review, assessing whether PIP is “fair and fit for the future”.

But what if we could learn lessons from a nation within the UK that had successfully implemented a new adult disability benefit just three years ago? 🤔

www.resolutionfoundation.org/publications...

Consolidation, Not Conversion: Understanding Wales’s Ongoing Realignment Showcasing current research, comments and analysis on the law, politics, history, culture, government and political economy of Wales from the Wales Governance Centre.

🚨 NEW BLOG

Labour have won every election in Wales for 100 years, but they are on track to (badly) lose the 2026 Senedd election - why?

@jaclarner.bsky.social and I have looked at new data, which shows how support is shifting within (not between) Wales's blocs!

blogs.cardiff.ac.uk/thinking-wal...

The ten most surprising facts from the 2024 election revealed Voters cared a lot less about tax than you might think.

10 nuggets from the new "British General Election of 2024" book, courtesy of @timbale.bsky.social

theconversation.com/the-ten-most...

Interesting report from the IFS. Disability benefit claims rise when other benefits are cut, as you would expect. The size of the increase is relatively small (lower than I would have predicted). Suggests that high inflation in 2022 would likely have caused more people to claim disability benefits.

Jam tomorrow? Work, finances and retirement in an era of a rising State Pension age As the State Pension age rises to 67, we think the government needs to put in place policies to ensure that as many people as possible have financial security throughout their 60s and beyond.

Both - a higher number of people in their 60s overall and a higher proportion of people aged 60-64/65 in income poverty. See charts 3 and 11! www.standardlife.co.uk/centre-for-t...

Saving penalties • Resolution Foundation Means-tested benefits in Britain are built on the principle that individuals with significant financial resources should use those before turning to the state for help. That’s why wealth – as well as ...

Savings in private pension pots are exempt from this rule, which is good - although you're absolutely right that it penalises other types of saving. And the thresholds of £6,000 and £16,000 have been frozen in cash terms since 2006! See www.resolutionfoundation.org/publications...

@csfoot.bsky.social @patrickjthomson.bsky.social @naomiclayton.bsky.social @stephenevans.bsky.social @louisemurphy.bsky.social @charliemccurdy.bsky.social @emilyishness.bsky.social @dan-goss.bsky.social @sarahoconnorft.ft.com @jburnmurdoch.ft.com @amyborrett.ft.com @marymcd.bsky.social

Jam tomorrow? Work, finances and retirement in an era of a rising State Pension age As the State Pension age rises to 67, we think the government needs to put in place policies to ensure that as many people as possible have financial security throughout their 60s and beyond.

New report out today

"Jam tomorrow? Work, finances and retirement in an era of a rising State Pension age"

Higher State Pension age has led to higher employment among people in their 60s.

But there are 250k more people in pre-retirement poverty than in 2010

www.standardlife.co.uk/centre-for-t...

Rightly lots of debates about growth this weekend - rightly because it was low productivity growth that saw wages entirely flatline during the 2010s.

😬

See the report for our recommendations for targeted government interventions to scale the supply of skills to match growing demand.

May be of interest to @acjsissons.bsky.social, @codrinacretu.bsky.social, @annaclarke.bsky.social, @chrisstark.bsky.social, @zackleather.resolutionfoundation.org

76,000 jobs in England have heat pump-relevant skills but they overlap with those needed in construction and infrastructure.

To ensure homes are heated reliably, we need a skilled and competent workforce to maintain public confidence, as well as expanding the number of people with heat pump skills.

Workforce planning for clean heat - Aldersgate Group New labour force research makes policy recommendations to take up significant opportunities to expand the heat pump workforce

📣 New research 📣 High competition for skilled workers is a significant risk for the UK's transition to clean heat.

New @aldersgategroup.bsky.social research from WPI Economics uses Lightcast data to examine where the heat pump workforce will come from.

www.aldersgategroup.org.uk/publications...

This is the point. Policy *should not* be adjusted or fine-tuned in response to minor forecasting judgements. Decisions about whether or not to break a prominent manifesto promise *should not* depend on minor forecasting judgements. This stuff matters. We've got to do better than this.

Is gas still the reason energy bills are so high? Despite rising non-commodity costs on energy bills, high gas prices remain the primary reason for expensive energy for most British households, making the switch to homegrown energy a top priority

Is gas still the reason GB energy prices are high? New Nesta blog by me.

There's been a lot of talk about non-commodity costs on electricity bills, and how they're now dominating bill rises.

My conclusion is: yes, they're a problem and need tackling; but they're not yet as big a problem as gas.

Where are the public sector reformers? Can you help us find them?

At @kinship.works, we thought we'd try to map the different public sector reform 'tribes' & where to find them (orgs, events, networks/communities, online spaces, newsletters/publications/podcasts etc) - but we need your help!

Future of the state pension | Standard Life Today, the state pension is at a critical juncture, facing questions over affordability and intergenerational fairness in the context of an ageing population and increasing longevity.

Yes, we've discussed this idea quite a bit! However, overall we think that the simplicity of a single, universal State Pension age is worth keeping. This is partly based on our research with members of the public in two workshops we ran in 2022. See: www.standardlife.co.uk/centre-for-t...