This statistic shows the attitudes of employees to annuity purchase in the United Kingdom (UK) in 2014, by expected retirement age. It looked into whether people with defined contribution pensions would use their fund to buy an annuity. It was reported that people who expected to retire before 65 were least likely to use their fund to buy annuity (46% said they would use none of their fund).
Employees with defined contribution (DC) pensions: expected use of pension fund to buy an annuity in the United Kingdom (UK) in 2014, by expected retirement age
Amount of pension savings used
Under 65
65
66-69
70 or more
None or some
46%
39%
39%
22%
Half
10%
14%
12%
19%
Most or all
16%
15%
16%
14%
Don't know
29%
32%
33%
45%
0%10%20%30%40%50%60%
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Employees with defined contribution (DC) pensions: expected use of pension fund to buy an annuity in the United Kingdom (UK) in 2014, by expected retirement age
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Employees working for medium and large non-governmental employers
Supplementary notes
The source adds the following information:
Question: "People with DC pensions face a choice at retirement on whether to use their pension savings to buy an annuity or not. In this situation, how much of your fund do you think you would use to buy an annuity?"
"Results are weighted to be representative of this population, based on age, gender, part-time or full-time and annual salary (matching data from the Office for National Statistics Labour Force Survey, January to March 2014)."
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Willis Towers Watson. (December 4, 2014). Employees with defined contribution (DC) pensions: expected use of pension fund to buy an annuity in the United Kingdom (UK) in 2014, by expected retirement age [Graph]. In Statista. Retrieved April 03, 2025, from https://www.statista.com/statistics/467644/annuity-purchase-use-of-pension-funds-by-retirement-age-uk/
Willis Towers Watson. "Employees with defined contribution (DC) pensions: expected use of pension fund to buy an annuity in the United Kingdom (UK) in 2014, by expected retirement age." Chart. December 4, 2014. Statista. Accessed April 03, 2025. https://www.statista.com/statistics/467644/annuity-purchase-use-of-pension-funds-by-retirement-age-uk/
Willis Towers Watson. (2014). Employees with defined contribution (DC) pensions: expected use of pension fund to buy an annuity in the United Kingdom (UK) in 2014, by expected retirement age. Statista. Statista Inc.. Accessed: April 03, 2025. https://www.statista.com/statistics/467644/annuity-purchase-use-of-pension-funds-by-retirement-age-uk/
Willis Towers Watson. "Employees with Defined Contribution (Dc) Pensions: Expected Use of Pension Fund to Buy An Annuity in The United Kingdom (Uk) in 2014, by Expected Retirement Age." Statista, Statista Inc., 4 Dec 2014, https://www.statista.com/statistics/467644/annuity-purchase-use-of-pension-funds-by-retirement-age-uk/
Willis Towers Watson, Employees with defined contribution (DC) pensions: expected use of pension fund to buy an annuity in the United Kingdom (UK) in 2014, by expected retirement age Statista, https://www.statista.com/statistics/467644/annuity-purchase-use-of-pension-funds-by-retirement-age-uk/ (last visited April 03, 2025)
Employees with defined contribution (DC) pensions: expected use of pension fund to buy an annuity in the United Kingdom (UK) in 2014, by expected retirement age [Graph], Willis Towers Watson, December 4, 2014. [Online]. Available: https://www.statista.com/statistics/467644/annuity-purchase-use-of-pension-funds-by-retirement-age-uk/
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