World News: 12:02 GMT Friday 12th October 2018. [Research and Markets via Businesswire via SPi World News]
The "UK Retirement Planning Market 2018: Market Trends Report" report has been added to ResearchAndMarkets.com's offering.
The retirement options open to consumers today have expanded since pension freedoms were introduced. But freedom of choice brings with it the freedom to make mistakes.
Over one-third of adults aged 55-64 who are not retired have taken money from their pension pots and over one-quarter of adults in this age group who have withdrawn money in the past two years have taken the whole pot in cash: in other words, they will not be able to generate a pension income from these pots. Pension freedoms have been used especially heavily by individuals with small and medium-sized pension pots to release the cash within them, even if that means paying marginal rate tax on the 75% of the withdrawal with is subject to tax.
A real concern is that except with moving pots into drawdown, consumers often make decisions on their pension pots without getting professional, financial advice. There is a clear advice gap, especially when it comes to individuals taking all the pension fund as cash and the tendency to get advice seems to be declining.
The main purpose of this report is to review the UK pension decumulation market, i.e. how consumers are taking money from their pensions or how they are planning to/expect to take money from their pensions. The prime focus is on decumulation from defined contribution pensions and especially how the pension decumulation market has changed under the impact of a series of new legislation which is radically reshaping the types of pensions consumers have and how they are managing their pensions.
A sister publication UK Pension Market looks at the accumulation stage, i.e. how consumers are saving for their retirement. Clearly, there is overlap between these two, so factors impacting on accumulation will also be discussed in this report.
Key Topics Covered:
1.0 Executive Summary
3.0 Market Structure
4.0 Market Developments and Drivers
5.0 The Key Players
6.0 Market Size and Trends
7.0 The Future
For more information about this report visit https://www.researchandmarkets.com/research/xbffrl/uk_retirement?w=4
Business Wire: 12:02 GMT Friday 12th October 2018
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