UK Retirement Income Market 2020

The main purpose of this report is to review the UK pension decumulation market, i.e. how consumers are taking money from their pensions. The prime focus is on decumulation from defined contribution pensions and especially how the pension decumulation market has changed under the impact of a series of legislative and regulatory changes, which have radically reshaped the types of pensions consumers have and how they are managing their pensions.

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Report Highlights

8 million adults in the UK are using a pension (other than the State Pension) to generate income, of which 4.6 million classify themselves as retired. Workplace pensions are the main source of pension income, with DB occupational pensions the most important.

The total sums insurance companies and self-administered pension funds pay out to individuals in receipt of a pension or to those taking cash from a pension, are expected to be in the order of £246.5 billion in 2019, 6% more than in 2018. This covers payments to all individuals in the UK and those living overseas.

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Report Features

Type Market Trends Report
Year of Publication 2020
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