Published: October 2020
A qualitative research study of individuals’ decumulation journeys
The Pension Freedoms legislation, enacted in 2015, enabled consumers to flexibly access their Defined Contribution (DC) pension pots from the age of 55 and use the funds for a wide range of options. The Department of Work and Pensions commissioned NatCen to explore the factors that influence their pension withdrawal decisions following on from the introductions of Pension Freedoms.
This study formed a part of wider programme of research to inform policy decisions around pension decumulation, individuals’ later life journeys and financial outcomes. It had 4 key objectives:
- Understanding individuals’ experiences, views, expectations and aspirations on the adequacy of income and wealth in retirement. In light of these expectations, to explore:
- The decisions people were making with their DC pension pots
- The factors influencing these decisions
- The support individuals received and/or needed to make decisions about their DC pension pot decumulation
The study was a large-scale qualitative piece of research involving 81 depth interviews being conducted across 15 locations in Great Britain with participants aged between 50-72. All participants had a DC pension pot, with the focus on those that had accessed their pot in various ways to better understand their decision-making journeys.
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