People in the UK realise there is a retirement challenge and that change lies ahead
They also recognise that are ultimately responsibility for funding their retirement
The popularity of annuities may have fallen since Freedom and Choice, but people still value stable income
The concept of retirement remains constant. The reality of retirement continues to change.
Since Freedom and Choice in 2015, pension scheme members have more options than ever. But this freedom can make it more difficult for them to decide among the array of investment and income options.
In this report, we look at the expectations of UK workers and compare these with the reality of retirees — in terms of spending needs, consumption sacrifices, income preferences and sources for advice.
Here’s a preview of a few of the findings:
People in the UK realise there is a retirement challenge
The good news is that people in the UK are aware of the challenge before them, realising that the amount they’re saving will not be close enough to what they will need to fund their retirement.