Age of Creative Thinking - The pressing issue of retirement planning

Age of creative thinking - Peter Culnane offers valuable insights into the pressing issue of retirement planning

Peter Culnane, Director and Head of Pensions at Fairway, has been working in the offshore finance industry since 1997. Throughout his career, he has accumulated substantial experience within the UK, Jersey and international pension arenas, and in 2003, Peter became the first Certified Financial Planner in the Channel Islands. He recently spoke with BL Global, addressing the pressing issue of adapting retirement strategies in the face of an aging population and changing societal dynamics.

Peter compares the challenge of preparing for an aging population to climate change, highlighting that it's often considered a future problem. “It’s always tomorrow’s problem. Are people ready to do what we actually need to do to fix it?”. He explains there are solutions, but urgent action is required.

The Channel Islands, especially Guernsey and Jersey, are experiencing rapid population aging, coupled with a decline in the birth rate. Many islanders are not saving for retirement, posing sustainability concerns for pension systems. To address these issues, the Channel Islands governments have taken steps. Jersey offers tax relief on pension savings, while Guernsey plans pension auto-enrolment in 2024. These initiatives aim to make saving easier.

Despite these positive steps, Peter stresses the need for financial education and awareness, shedding light on the evolving retirement landscape, and on how informed decision-making is crucial for successful retirement planning.