At this online event we presented the findings of a new report looking at how people access their defined contribution pension wealth.
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Download Jonathan Cribb's slides
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Download Heidi Karjalainen's slides
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The introduction of 'Pensions Freedoms' in 2015, removing near-compulsory annuitisation of defined contribution pension pots, has given individuals more flexibility over when and how to access their pension wealth. Combined with the demise of traditional defined benefit pension plans (which provide a guaranteed income from retirement to death), more people will need to make important decisions about managing their retirement finances.
At this online event we presented the findings of a new report, funded by the IFS Retirement Savings Consortium and the ESRC, looking at how people access their defined contribution pension wealth. Researchers from the IFS discussed who is currently most affected by the decisions related to pension freedoms, how this may change for future generations nearing retirement, and whether individuals have a plan for accessing their pension savings. After the IFS presentations, Nigel Peaple (PLSA) and Nick Flynn (Canada Life) shared their thoughts on the research.
Authors
Associate Director
Jonathan is an Associate Director and Head of Retirement, Savings and Ageing sector, focusing on pensions, savings and later-life economic activity.
Senior Research Economist
Heidi is a Senior Research Economist in the Retirement, Saving & Ageing sector. Her current research is on pensions and saving for retirement.
Nick Flynn
Director of Retirement Income Canada Life
Nigel Peaple
Director of Policy and Advocacy Pensions and Lifetime Savings Association
Presentation details
- DOI
- 10.1920/ps.ifs.2023.0012
- Publisher
- Institute for Fiscal Studies
Suggested citation
Cribb, J et al. (2023). 'What do pensions freedoms mean for financing retirement?' [Presentation]. Online: Institute for Fiscal Studies. Available at: https://ifs.org.uk/publications/what-do-pensions-freedoms-mean-financing-retirement (accessed: 27 April 2024).
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