The Energy Pension Company is a new organization focused on the challenge of energy cost in retirement. Our remit is to create research, new policy insights, advice and solutions to the growing challenge of affordable energy in retirement and to how best to deliver efficiency and climate objectives.
The retirement challenge.
of pensions are currently being spent on energy bills.
people in the UK are over 65 and this number is set to double by 2050.
more people reach retirement age every year.
Those in retirement spend on average £97 per month on their energy bill.
60% of those approaching or in retirement said their energy bill was their number 1 concern.
Last month, 400,000 customers switched energy suppliers.
So what do retired energy customers really want?
Stable and predictable energy price for easy budgeting.
Lower energy bills throughout retirement.
Help and advice about using energy more efficiently.
How do we help?
The Energy Pension Company has undertaken research into the challenges retired customers face in managing their energy bills. This included Focus Groups, rigorous analysis by the Association for the Conservation of Energy into energy in retirement and a large-scale survey of attitudes of the retired to paying for their energy.
The retired want lower energy bills throughout retirement. They want to keep their homes at the same level of comfort or higher than before they retired. Indeed those approaching retirement are very worried that they may not be able to maintain their comfort levels. And most of all they would prefer one steady, reliable supplier.
What is remarkable about our research is that the analysis revealed that energy is the only cost that increases as a proportion of retirement income. All other costs go down.
We have already achieved international attention as part of our wider policy agenda. In November 2014, we joined the UK Prime Minister David Cameron’s delegation and spoke at the Northern Future Forum to 9 Prime Ministers. We were also identified by the Bloomberg New Energy Finance – as a leading FinanceforResilience intervention.