A new report suggests that 2022 may prove to be the most challenging year in recent history in which to retire, as market environment impacts pension savings.
The Natixis Investment Managers’ Global Retirement Index 2022 shows the UK has dropped by one place in the index, to 19th, with an overall score of 69%, down from 72% in last year’s report.
In its 10th year, the GRI is a multi-dimensional index, designed to examine the factors that drive retirement security, combining key indicators essential for people to enjoy a healthy and secure retirement.
“The challenges that are being faced now and will be faced in the future are clear,” said Andrew Benton, head of northern Europe at Natixis IM.
“Getting retirement right and helping to ensure individuals can live with dignity after their working years is a core sustainability issue for society.
“Difficult decisions will have to be made as policy makers strive to reconcile balance sheets with commitments to public retirement and healthcare benefits.
“Success will require a concerted effort from not only policy makers, but employers, the financial services industry, and individuals. It all starts with understanding the risks.”
Norway ranks number one in the index, followed by Switzerland and Iceland. Luxembourg and the Czech Republic have moved into the top 10, while Germany and Canada have fallen out. Ireland has made the largest gains in the GRI rankings over the past decade, jumping from 38th in 2012 to fourth this year.