The “No Pensions” Life Plan is the Go Pensions submission to the Pensions Week Rethinking Pensions competition. 

The concept of the Life Plan is personal ownership and responsibility for life finances.  Individuals start at birth with a savings fund.  Teenagers make simple investment decisions to engage them with the plan.  Thereafter the plan receives contributions from employer, individual and state.  An income can be received at age 40 (and ceased as needed) and assets can be drawn down from 50.

By moving the focus away from a distant retirement (hence the moniker “No Pensions”) and towards life financing we felt that the public would engage with their Life Plan.  Their plans for their future will dovetail with their financial planning. Rather than being seen as boring, personal finances will be seen as a means of enabling your ambitions and dreams.

Clearly financial education is central to the success of the Life Plan.  Poor Life Plan decisions in early life will be a lesson learned but will stand people in good stead for later life.

To view the full entry on “No Pensions” website click here. 

The Pensions Week web version of our entry can be accessed here. 

Details on all the Re-thinking Pensions competition entries can be found here.