| |
Centre for Policy on Ageing | |
 | |
|
Making the system fit for purpose
— how consumer appetite for secure retirement income could be supported by the pension reforms | | Author(s) | Ben Franklin, Helen Creighton |
| Corporate Author | International Longevity Centre UK - ILC-UK |
| Publisher | International Longevity Centre UK - ILC-UK, London, January 2015 |
| Pages | 23 pp |
| Source | ILC-UK, 11 Tufton Street, London SW1P 3QB. Download also available; see: http://www.ilcuk.org.uk/index.php/publications/pub... |
| Keywords | Pensions ; Savings ; Preparation [retirement] ; Retirement policy ; Consumer ; Reports. |
| Annotation | ILC-UK research finds that the majority of people approaching retirement want to use their pension pots to deliver a secure guaranteed income for life, with inflation protection being very important. However, many may be too confused to know how to go about achieving this goal. This report finds that consumers approaching retirement are ill-equipped for the new pension freedoms announced by George Osborne in his 2014 Budget. The report has been supported by a consortium of industry partners (EY, Just Retirement, Key Retirement, LV= and Partnership) and guided by pensions and retirement expert, Ros Altmann. The research incorporates a representative survey of 5000 people aged 55-70 who are yet to retire or draw on their private pension wealth. The main themes that emerge include: secure income in retirement is preferred; older consumers are risk averse; withdrawing everything from the pension could result in retirement funding shortfalls; and advice is favoured, but trust issues could lead to an advice gap. (RH). |
| Accession Number | CPA-150526013 B |
| Classmark | JJ: JDD: GA: G5: WY: 6K |
Data © Centre for Policy on Ageing |
|
| ...from the Ageinfo database published by Centre for Policy on Ageing. |
| |
|