This report looks at how consumers plan for their retirement.
Its core focus is planning with regards to the pensions market
although reference is also made to other forms of income for
The pensions industry is undergoing a period of change enforced
by changing demographics and generally lower rates of returns on
investments compared with previous decades. The double whammy of
lower returns on pension investments but increased longevity past
the age of retirement is putting severe pressure on individuals to
plan more diligently for their retirement. These pressures are also
causing a rethink within government and among pension providers
about the ideal retirement age: a core concern for all interested
parties is how consumers will finance their lifestyles post
Around 30 questions were asked in total, covering the
- Ownership of personal and company pensions and the number and
types of pension owned
- Ownership of alternative assets that can generate income in
- The length of time consumers have owned a pension
- Information sources consulted when buying a pension
- The level of contributions made and the method of contributing
(e.g. regular premium versus lump sum)
- How pension owners contact providers and the methods used
- How frequently pensions are reviewed
- Perceptions of value for money of the pensions owned
- Preferred investment strategy for the pension fund
- The factors consumers look for when buying a pension
- The age at which consumers expect to start to taking their
- The preferred ways to generate income or a lump sum for
- Current financial priorities.
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