Which? executive director, Richard Lloyd, said:
“Which? research shows that six in 10 people are worried about the value of their pension, so it’s frustrating and disappointing the Government is delaying its plans for collective schemes. While the Government is right to focus on making the existing reforms work, these types of schemes could offer people much greater certainty over their retirement income and shouldn’t be kicked into the long grass. We expect the Government to revisit the idea of introducing these schemes as soon as possible and in the meantime focus on ensuring the annuity and income drawdown markets offer consumers value for money.”
Which? research shows:
- Six in 10 (59%) people are worried about the value of their pension.
Methodology: Populus, on behalf of Which?, interviewed a representative sample of 2067 UK adults online between 16th and 17th September 2015. Data were weighted to be demographically representative of all UK adults.
- 88% of people say it is important for them to know how much income they are likely to get when they retire.
- 90% of people say that it is important they are guaranteed a certain amount from a pension when they retire.
Methodology: Research Now, on behalf of Which?, interviewed a sample of 512 people with a Defined Contribution pension who plan to retire in the next 12 months, and 495 people who have bought an annuity in the last 12 months, in September and October 2013. The samples were weighted to take into account the age and gender profiles of the two sample populations in order to be demographically representative.