Pension Freedoms: a qualitative research study of individuals’ decumulation journeys
A study to understand the behaviours of individuals with defined contribution pension savings in respect of decumulation decisions, accessing support and retirement planning.
Applies to England, Scotland and Wales
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The Department for Work and Pensions (DWP) commissioned NatCen Social Research to investigate the ways in which people across Great Britain predict their financial needs in retirement and the factors that influence their pension withdrawal decisions following the introduction of Pension Freedoms.
This is part of wider research and analysis aimed to inform policy and operational decisions regarding pension decumulation, individuals’ later life journeys and financial outcomes. It contributes to the evidence base explaining the drivers of the decumulation decisions that pension scheme members are making, set in the context of their wider expectations and aspirations. It will support wider work to inform policy decisions relating to planning and preparing for later life. This research will inform future policy on advice and guidance as it will provide further understanding of how individuals go about accessing information, the types of information that inform decision making and individuals’ level of engagement with their pension pots.
These efforts relate to the DWP’s objective to ensure financial security for current and future pensioners.