Call for Papers
The National Employment Savings Trust (NEST) is organising a seminar in mid to late July (date tbc) on pre-retirement options for pension savers. NEST wishes to convene a panel of academics and behavioural economists working in the field of pensions and saving to meet regularly and discuss relevant topics in the field, with a view to encouraging publication and communication of research findings and as a catalyst for influencing policy. The first meeting of this panel will focus on the subject of decumulation and choices pensions savers face as they approach retirement and consider converting their pension fund into a retirement income, cash sum or transfer; or, alternatively, considering alternative retirement dates and longer working. We welcome the submission of high quality research contributions in this area from the fields of behavioural finance, psychology and finance theory.
NEST Pensions Panel on Pre-retirement Communications and Products - Presenting Choices and Options to Pension Savers at they Approach Retirement
ABOUT NEST: The law on workplace pension provision is changing. From 2012, the Government is introducing reforms which mean that employers will have to enrol most of their workers into a workplace pension scheme that meets or exceeds certain government standards. They will also need to make a minimum contribution for many of these workers. NEST has been established by the UK Government to ensure there will be an easy to use, low-cost pension scheme available to all UK employers to help them meet duties of automatic enrolment and employer contributions. NEST is especially designed for working people who are new to pension saving and are on lower to middle incomes. The key focus of the panel in July will be to address the question of "How can DC pension providers encourage and enable those approaching retirement to make the best possible decisions on taking their money out of their retirement pots? We anticipate that at the panel we will be examining insight and evidence from pension savings initiatives both in the UK and internationally.
TOPICS: Topics suitable for the panel include, but are not limited to, the following areas:
- How should policy makers, regulators and DC pension providers better prepare people to move from the saving and working elements of their career, into retirement and drawing down on their savings. How can these agents encourage better decision making regarding their money?
- What are the triggers - either in terms of distance from retirement or life events and stages that pension providers, employers and policy makers should consider intervening to help better decision-making? Can earlier engagement with retirement options help lead to better outcomes?
- What are the key challenges around decumulation? How should pension providers and employers address these? What are good outcomes, and how do these differ between cohorts of savers?
- Evidence on how framing of options to pensions savers influences what they decide to do with their money and when to decumulate
- Evidence on the use of on-line tools to present options and choices at decumulation - advantages and disadvantages and effective decision tools
- How do different investment approaches in the years approaching retirement impact on individual behaviour and individual outcomes?
- Is there evidence of an erosion of the cliff edge between saving and retiring, and if so how does this impact on communications, decision making tools and approaches to investment.
PUBLICATION: We encourage the submission of papers or presentations by researchers and practitioners. Papers submitted for the NEST Panel are eligible to be considered for publication on the National Employment Savings Trust website as a panel working paper.
Reimbursement of expenses by the panel organisers will be considered, subject to limitations, though respondents should note that NEST is a non departmental public body, that operates as a not for profit trust.
ELECTRONIC SUBMISSION PROCEDURE: Authors are invited to submit electronically (MS Word or PDF format) a paper or presentation. The first page of the paper should contain the title, name of each author, address, telephone, and E-mail address. All submitted papers must be accompanied by an abstract explaining the contribution of the paper in no more than 100 words.
DEADLINE: The deadline for submissions is tbc. Authors will be notified by tbc.
CORRESPONDENCE: Address for correspondence and submissions to:
National Employment Savings Trust
St. Dunstan's House
201-211 Borough High Street
London SE1 1JA, UK