Pensions - Articles - Aegon comment on FCA Sector Views Report

Following the latest publication of the FCA’s Sector Views Report please see the below comment from Steven Cameron, Pensions Director at Aegon.

 Steven Cameron, Pensions Director at Aegon, comments: “The FCA’s latest sector view of pensions paints a picture of the UK’s love affair with pension freedoms being as strong as ever if not more so. The sharp increase in transfers from Defined Benefit to Defined Contribution schemes, coupled with an ongoing preference for income drawdown over annuity points to a desire for flexibility over how to draw retirement income. This is consistent with Aegon’s latest research which found that half of over 50s want a fluid transition from work into retirement which requires greater flexibility over how and when to draw pension income, often alongside reduced earnings*.

 “The FCA also helpfully draws the link between growing future social care funding pressures and pension savings. The UK Government is long overdue in delivering a clear, fair and sustainable deal showing individuals what the state will pay and what they’ll need to fund themselves, based on their wealth, ideally with an overall cap. Once this deal is in place, we believe many individuals will choose to save for possible social care costs within their pension, utilising the DC pension freedoms.

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