Aviva and Age UK Launch Mid-Retirement Support Pilot
Aviva and Age UK are testing a new "mid-retirement MOT" service to help retirees manage pension savings and later-life needs. Research highlights concerns about retirement fund adequacy.
Insurer Aviva and charity Age UK are launching a pilot program, dubbed the "mid-retirement MOT," aimed at providing structured support for individuals navigating their later retirement years. The initiative seeks to assist retirees in managing their pension savings, finances, and broader well-being.
The pilot comes in response to research indicating significant financial anxiety among retirees. A study by Aviva and Age UK found that only 48% of mid-retirees are confident their private pension savings will last for life. Furthermore, 65% believe there is insufficient support available to manage their financial needs in retirement.
The 12-month pilot program will target individuals aged 72 to 76 who hold Defined Contribution pensions. The support will combine telephone advisory services through Age UK’s National Advice Line with face-to-face sessions delivered by local Age UK partners in Norwich, York, Bristol, and Sheffield.
The services will cover topics such as pension sustainability, state benefits, estate planning, power of attorney, scam and fraud prevention, and budgeting on a fixed income. Aviva and Age UK aim to gather evidence from the pilot to advocate for a future government-backed national mid-retirement MOT to ensure timely support for those in retirement.