What do pensions freedoms mean for financing retirement?

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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 Andrew Tully (Canada Life) shared their thoughts on the research.