Pensions - Articles - Three quarters of pension savers would choose pot for life


New research from PensionBee, reveals a notable enthusiasm among c.1,000 UK pension holders for the recently announced ‘pot for life’ pension model.

 Over three-quarters (76%) of pension savers expressed that they would consider opting for the new model, while only 5% of savers stated that they would not be interested in having their own pension into which employers can pay contributions.

 Of the respondents who were considering the new proposal, the most popular reasons for support included ‘it seems more convenient’ (55%) and ‘it's an easier concept to understand than the current system’ (48%). Other positive responses included ‘I like that I would be able to choose my provider from a fee perspective’ (30%), ‘a long-term relationship with one provider might make me feel more engaged with my pension’ (30%) and ‘I like that I would be able to choose my provider from an investment choice perspective’ (24%).

 Becky O’Connor, Director of Public Affairs at PensionBee, commented: “The Chancellor’s announcement of a consultation on allowing savers to choose their own pension into which employers can pay is a welcome step.

 Our research suggests this could be met with strong support from workers. Careers are becoming more complicated. People can have several jobs throughout their lifetime, or go self-employed for a time and then go back to employment. They might consolidate old pensions, then continue to build new ones through subsequent work and want to have these contributions paid into their personal pension, but may find their employer might not yet allow it.

 This simple change could give those who want to build their own pension and have the convenience of having an employer pay straight into it the opportunity to do so.”
  

Back to Index


Similar News to this Story

TPRs strategic shift in oversight of workplace pensions
The Pensions Regulator (TPR) tannounced organisational changes to reinforce its strategic shift in overseeing the workplace pensions market.
What is in store for pension savers in Budget 2024
Ahead of the Chancellor’s next Budget speech, in just under two weeks time (6 March 2024), PensionBee gives its view on the implications for pension s
LTA abolished and replaced by 2 new lump sun allowances
This year’s first Finance Bill, containing the abolition of the pensions Lifetime Allowance and its replacement by two new lump sum allowances, is to

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.