Pension Freedoms: no more normal
We have launched our latest research from the Understanding Retirement research series: Pension Freedoms: no more normal.
With DC now dominating the landscape for those who have not yet taken any or all of their pensions, our research, commissioned in February 2015, provides the most detailed insight to date on the experience and consumer journey of those who have been able to access the recently introduced Pension Freedoms.
The research, which included a nationally representative survey of 55-70 year olds with a pension not yet in payment, has explored the positives and also the pitfalls, of the new retirement landscape for the first cohort of savers with access to Pension Freedoms.
With an estimated 2.8 million individuals with DC pension wealth not yet in payment who are therefore eligible to access Pension Freedoms, our research analyses the response of savers to pension freedoms. The report examined the experiences and support needs of three key groups:
- The actioners: those who started to take their pension in the first six month of the Freedoms
- The investigators: those who actively investigated options for taking their pensions
- The inactive: those who are yet to take action in relation to their pension.
Our report concludes by providing some key recommendations that the Association believes will help savers achieve the best outcomes in retirement under the Pension Freedoms over future years.