Impact of Pension Changes Wave 13

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The Impact of Pension Changes, September 2017 report is the 13th 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 fifth under the new name, The Impact of Pension Changes.

For this wave, YouGov Reports commissioned a survey among YouGov’s online panel of 3,076 consumers aged 50+ who are not retired, that is among consumers who are approaching retirement and who should have retirement issues in the forefront of their financial planning.

Furthermore, the Recently-Retired Supplemental Survey monitors those who have retired since April 6th, 2015 to gauge the extent to which these changes are influencing actual behaviour. YouGov is the only research company in the UK market able to offer access to this exclusive audience on a syndicated basis.  YouGov Reports conduct an online survey of up to 750 UK adults who have retired on or since 6th April 2015 each quarter, delivered as a datasheet with a full demographic breakdown.

Report Info
Table of Contents
  • Table of Figures
  • Introduction & Scope
    • Report coverage
      • Definitions
      • Research Waves
      • Methodology
      • Abbreviations
  • Report Overview
    • Pension priorities and attitudes change with age and the closeness of retirement
  • Report Summary
    • Generating income becomes a rising priority as retirement approaches…
      • Key facts
      • Lump sum taking increasingly constrained by need for income and tax minimisation
      • The 50-59 age group may be running into trouble
      • Willingness to use online advice is strongly influenced by age
      • The market continues to migrate towards the workplace
  • Background
    • Key findings
      • Almost seven-in-10 over 50 year olds have a workplace pension
      • The over 50s show little inclination to consolidate their pension funds
      • DC pension holders appear the most resistant to change
      • Significant number have already been affected by the new pension freedoms
  • Planned and Current Withdrawals
    • Key findings
      • Over a third plan a withdrawal
      • 3% of DC pension holders withdraw under the new rules
      • Withdrawal takers prefer cash
      • New legislation is encouraging greater tax efficiency when making withdrawals
      • Current withdrawals increase over the past year…
      • …while future withdrawals are more stable
  • New Approaches to Pensions
    • Key findings
      • Over four-in-10 PC pension holders change their pension actions
      • Three main courses of action
      • Little change in preferences
      • Income remains the main priority
      • The closer retirement comes, the greater the emphasis on income
      • Tax and spending also rise in importance as retirement approaches
      • New annuity products could widen the market
      • Little change in intended use of a lump sum
      • Cash remains king but is losing some of its appeal
  • The Outcome Gap and Working Plans
    • Key findings
      • The outcome gap sits at 14%, but considerable uncertainty persists
      • Gap is lowest for the youngest and the oldest (over 50s)
      • Plans firm up as retirement nears, with it no longer meaning the end of work
  • Advice and Willingness to Pay
    • Key findings
      • Pension holders show increasing reluctance to pay for advice and guidance
      • Interest in Robo-Advice bounces back
  • Market Trends
    • Key findings
      • Almost 13 million adults in the UK aged 50+ but not retired
      • Over 9 million 50+ pension holders
  • Appendix
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