Working lives are changing, retirement is changing, pensions are changing. In July 2014 we launched a major research series, Understanding Retirement, examining the nature of retirement, its impact on pension savers, pension schemes and other retirement savings as well as employers.
The Understanding Retirement series consists of three waves of research:
WAVE 1: THE UNPREDICTABILITY OF RETIREMENT
Wave 1 examined the expectations and the reality of retirement today for those recently retired and those coming up to retirement in the next 20 years.
The research mapped the changes that have led to a more unpredictable retirement, and identified three distinct groups of over 50 year olds, examining their expectations and experience of retirement. The outlined the support needed by those approaching retirement with Defined Contribution (DC) pensions, in order to navigate the new market place available under Freedom and Choice.
WAVE 2: THE IMPACT OF PENSION FREEDOMS
Wave 2 examines the impact of the new Freedoms upon consumers approaching retirement, to help the pension industry equip itself to provide the best support for savers.
The research, which included a nationally representative survey of 55-70 year olds with a pension not yet in payment, explored the positives and also the pitfalls, of the new retirement landscape for the first cohort of savers with access to Pension Freedoms.
The full report based on our quantitative and qualitative research and titled Pension Freedoms: no more normal, is available to download below.