View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Industry news
April 29, 2014updated 04 Apr 2017 2:19pm

Duncan Lawrie: UK adults unlikely to buy an annuity

75% of UK adults with a pension will not buy an annuity or are unsure of what to do, following the Chancellor of the Exchequer's 2014 Budget, according to research by Duncan Lawrie Private Bank.

By Patrick Brusnahan

75% of UK adults with a pension will not buy an annuity or are unsure of what to do, following the Chancellor of the Exchequer’s 2014 Budget, according to research by Duncan Lawrie Private Bank.

Infographic #1

The research, which polled 2,399 respondents, showed that 11% with a pension pot would spend some or all of the pot while 19% would withdraw some or all of their pot to invest in other savings vehicles.

Infographic #3

Matthew Parden, managing director, said: "What is evident from this research is that clear advice and guidance from the Government is desperately needed. For years, the Government has coerced people into buying an annuity – it’s not doing an about turn on that message and granting people their pension freedom. We would urge people to review their pension pot at least once a year to ensure they can support them sufficiently in retirement."

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International