This section starts with a bang. We demonstrate that if we can take these same six savings priorities and solve for them by employing an integrated, time-varying, lifecycle approach to the savings problem, we significantly enhance the outcomes to the individual. This is effectively the punchline of this whole holistic effort. Further, we show how we could, within the current regulatory framework, develop an employee benefits platform that would allow employers to add on any of these proposed additional savings programmes to their existing benefits structure.
This segment also includes several additional chapters of ‘watchwords’. We provide commentary on the importance of understanding the underlying assumptions used in any modelling exercise and why the industry might benefit from a bit of standardisation around these assumption sets. We also analyse why it is that when employees finally reach that retirement door, convincing them to buy an annuity stream poses such a challenge. We offer solutions on what would make annuities more intuitively appealing. Finally, we end this section of the book with a thought piece on how digital advice could address the issue of providing such an advice-driven platform to a population with little prospect of being able to avail themselves of a financial adviser.
An integrated lifecycle savings programme significantly improves the probability of meeting lifetime goals.