DC pension employees expected use of fund to buy an annuity by retirement age UK 2014

Published by Statista Research Department, Dec 4, 2014

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%

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Release date

December 2014

More information

Region

United Kingdom

Survey time period

August 2014

Number of respondents

2,036*

Age group

50 to 64 years old

Special properties

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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