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.
Jonathan is an Associate Director and Head of Retirement, Savings and Ageing sector, focusing on pensions, savings and economic activity in later life
Heidi is a Research Economist in the Retirement, Saving and Ageing sector. Her current work includes research on pensions and saving for retirement.
Director of Retirement Income Canada Life
Director of Policy and Advocacy Pensions and Lifetime Savings Association
- Institute for Fiscal Studies
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: 8 December 2023).
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