75% of UK adults with a pension will not buy an annuity or are unsure of what to do, following the Chancellor of the Exchequer’s 2014 Budget, according to research by Duncan Lawrie Private Bank.
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The research, which polled 2,399 respondents, showed that 11% with a pension pot would spend some or all of the pot while 19% would withdraw some or all of their pot to invest in other savings vehicles.
Matthew Parden, managing director, said: "What is evident from this research is that clear advice and guidance from the Government is desperately needed. For years, the Government has coerced people into buying an annuity – it’s not doing an about turn on that message and granting people their pension freedom. We would urge people to review their pension pot at least once a year to ensure they can support them sufficiently in retirement."
