![A photo of an older couple managing their household finances](/sites/default/files/styles/full_height_banner/public/2023-06/older-couple-managing-finances.jpg?itok=1uYYPnYE)
At this online event we presented the findings of a new report looking at how people access their defined contribution pension wealth.
Downloads
![Image representing the file: Download Jonathan Cribb's slides](/sites/default/files/2023-06/How-important-is-Defined-Contribution-pension-wealth-for-people-approaching-retirement.pdf.jpg)
Download Jonathan Cribb's slides
PDF | 307.46 KB
![Image representing the file: Download Heidi Karjalainen's slides](/sites/default/files/2023-06/How-are-people-planning-to-access-DC-pots.pdf.jpg)
Download Heidi Karjalainen's slides
PDF | 286.02 KB
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
![Jonathan Cribb](/sites/default/files/styles/square_desktop/public/2023-11/Jonathan%20Cribb.jpg?itok=8LgmPwOc)
Associate Director
Jonathan is an Associate Director and Head of Retirement, Savings and Ageing sector, focusing on pensions, savings and later-life economic activity.
![Heidi Karjalainen](/sites/default/files/styles/square_desktop/public/2022-08/Heidi-Karjalainen.jpg?itok=aR9TqN4C)
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.
![A photo of Nick Flynn](/sites/default/files/styles/square_desktop/public/2023-06/nick-flynn.jpg?itok=L0yerliW)
Nick Flynn
Director of Retirement Income Canada Life
![A photo of Nigel Peaple](/sites/default/files/styles/square_desktop/public/2023-06/Nigel-Peaple.jpg?itok=98_ibqFo)
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: 30 June 2024).
More from IFS
Understand this issue
![Pensions letter](/sites/default/files/styles/square_desktop/public/2023-12/Pensions%20Letter.jpg?itok=mv1QVYJO)
The future of the state pension
21 December 2023
![Older woman using iPad](/sites/default/files/styles/square_desktop/public/2023-12/Older-woman-uses-ipad_2.jpg?itok=O2oOL1PC)
Pensions are far from broken but could still use a fix
18 December 2023
![Woman working at her desk](/sites/default/files/styles/square_desktop/public/2023-11/Older-worker-at-desk-2_0.jpg?itok=FK1zrjeB)
Retirement is not always a choice that workers can afford to make
6 November 2023
Policy analysis
![Elderly couple looking at paperwork](/sites/default/files/styles/square_desktop/public/2024-06/elderly%20couple%20feature.jpg?itok=6tgAqkZa)
Pensions: five key decisions for the next government
7 June 2024
![Elderly couple looking at paperwork](/sites/default/files/styles/square_desktop/public/2024-06/elderly%20couple%20feature.jpg?itok=6tgAqkZa)
Key decisions await the pensions minister after the election
7 June 2024
![Cross generational family](/sites/default/files/styles/square_desktop/public/2023-12/Cross-generational-family.jpg?itok=1iq8HQVP)
The future of the state pension
13 December 2023
Academic research
![Working paper cover](/sites/default/files/styles/portrait/public/2023-02/WP202310-The-effect-of-tax-incentives-on-private-pension-savings.jpg?itok=Y66aKhTu)
The effect of tax incentives on private pension saving
24 February 2023
![Working Paper Cover](/sites/default/files/styles/portrait/public/2024-01/WP202402-Saving-after-retirement-and-preferences-for-residual-wealth_Page_01.jpg?itok=az2jhE9X)
Saving after retirement and preferences for residual wealth
18 January 2024
![Working paper cover](/sites/default/files/styles/portrait/public/2023-03/WP202312-Old-age-risks-consumption-and-insurance.jpg?itok=kMVQ9wCT)
Old age risks, consumption, and insurance
21 March 2023