Impact of Pension Changes Wave 12

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The Impact of Pension Changes, May 2017 report is the 12th in a series of Pension and Annuity Tracker reports, which have been published regularly since Summer 2014. This report assesses changes since the previous research was run and examines how the new rules governing pensions and annuities (introduced in the March 2014 Budget) may lead to significant changes in consumer behaviour as people near retirement.

In particular, it aims to measure consumers’ responses to the new rules, providing companies with significant insight into how people intend to act. It also considers whether those intentions are subsequently correlative with actions, in this new “competitive and dynamic retirement income market” (HM Treasury: Freedom and Choice in Pensions, March 2014).

This edition of the series is the fourth under the new name, The Impact of Pension Changes. For this wave of research, YouGov Reports commissioned a survey among YouGov’s panel, surveying 2,463 consumers aged 50+ who are not retired – i.e. consumers who are approaching retirement and are likely to have retirement issues at the forefront of any financial planning.
Report Info
Table of Contents
  • Table of Figures
  • Introduction & Scope
    • Report coverage
      • Definitions
      • Research Waves
      • Methodology
      • Abbreviations
  • Report Overview
    • Some signs that annuities are regaining appeal
  • Report Summary
    • Almost one in five DC pension holders may get an annuity…
      • Key facts
      • …but it’s going to be hard to advise them what their best options are
      • Pension freedoms are encouraging withdrawals
      • Workplace pension shift continues
  • Background
    • Key findings
      • Almost seven in 10 over-50s have a workplace pension
      • Pension pot consolidation remains rare
  • Withdrawals and Lump Sum Taking
    • Key findings
      • Increased impact of the new pension freedoms
      • A rise in withdrawal taking
      • Some 4% affected by new rules have made a withdrawal
      • Current withdrawals increase slightly in April 2017
      • Future withdrawal intentions fall slightly
      • Cash-in-hand continues to be the main preference
      • Some signs that tax efficiency is declining as a factor when making withdrawals
  • Impact of the Reforms: New Approaches to Pensions
    • Key findings
      • The percentage of DC pension holders changing their pension actions rises
      • Three main courses of action
      • 26%-30% of DC pension holders will be taking a lump sum
      • Income remains the main priority
      • If they could, those making a withdrawal would like to take out more
      • Annuities: around one-third express an interest
      • Desire to spend a lump sum is declining
      • Cash regains some of its appeal
  • Retirement Strategies and Outcomes
    • Key findings
      • The outcome gap persists…
      • …as does considerable uncertainty
      • It remains true that the smaller the gap, the easier it is to withdraw cash
      • Four in 10 will continue to work
  • Impact of the New Rules: The Advice Deficit
    • Key findings
      • An increasing reluctance to pay for advice and guidance
      • Interest in Robo-Advice continues to wane
  • Market Trends
    • Key findings
      • Aged 50+ with a pension and affected
      • Just under 9 million pension holders aged 50+
  • Appendix
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