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There is increasing onus on older people to make complex decisions about financial planning and financial products, as governments seek to individualise responsibility (and risk) for retirement security.

The recent Pension Schemes Act 2015, along with the Taxation of Pensions Act 2014, have given individuals more flexibility and choice over how they access their Defined Contribution pension savings. People approaching or in retirement now have a range of options, including taking the entire pension pot as a lump sum, keeping the fund invested, or purchasing an annuity, but there are growing concerns among the financial services industry, consumer groups, and policy makers that individuals are not making informed decisions when deciding what to do with their pension savings. 

CHASM Intern Olivia Dyke explores the options available, financial decision making processes and associated risks for older people.

View the briefing paper