Pension changes boost confidence

More than 4 in 10 pension savers feel more confident about their pension schemes following the reforms announced at the 2014 Budget, a survey for the Association of Investment Companies (AIC) has found.

The YouGov survey of more than 3,000 UK adults found that 44% feel more positive about their retirement saving since the new pension freedoms were announced earlier this year.

Respondents said their main reasons for being more positive were:

  • having flexible access to their pensions (70%)
  • being able to flexibly invest and withdraw cash (60%)
  • not having to buy 'poor value for money' annuities (57%).

26% of people who plan to retire said the changes have made them more likely to increase their pension contributions.

The survey also highlighted specific concerns over annuities. 35% of respondents who plan to retire said they would not buy an annuity and just 2% said they would use their entire pot to purchase one. 27% said they had not decided on how much to invest in an annuity.

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