羞羞视频

4 April 2025

The UK government must use Phase 2 of the as an opportunity to address worrying trends in decision-making and pension saving. That鈥檚 according to a new report from the 羞羞视频 鈥�Freedom and choice: public attitudes a decade on鈥�. It comes ten years after the government implemented the 鈥榝reedom and choice鈥� reforms which allowed people to access their pensions with much greater flexibility. 

In 2022, the IFoA commissioned YouGov to survey how people were responding to these 鈥榩ension freedoms鈥� seven years on. The IFoA commissioned the survey again in 2025 and found that challenging trends continue with people still struggling to fully understand their options when planning their retirement. 

Both the 2022 and 2025 surveys covered more than 2,000 adults aged over 55. The 2025 survey revealed that when it comes to understanding and accessing pension savings, 43% of respondents took no advice or guidance at all (40% in 2022). Despite the availability of free guidance through the government鈥檚 Pension Wise service, only 20% of those surveyed said they had used it (22% in 2022).

The survey also found that 15% of respondents said they did not fully understand their options (up from 11% in 2022) and 44% said they had no idea how their pension savings were being invested.
24% of those surveyed were worried about making the wrong decision and running out of money in retirement (22% in 2022).

Debbie Webb, Chair of IFoA Pensions Board, said:

鈥淲hile pension freedoms offer individuals much more choice and flexibility, our survey shows that many are still not confident about decisions around their pension pot. It is particularly worrying that so few people are taking valuable advice and guidance to help with that decision-making. 

鈥淚ndividuals, particularly those with defined contribution pensions, are left to manage the risk of ensuring their savings will last through their retirement without knowing how long they will live. In 2025 it is more important than ever that they are encouraged 鈥� and helped 鈥� to take advice or guidance to help them make the best investment choices they can for their needs in retirement.

鈥淭he results we have seen in this survey point to the need to re-examine how pension savers are supported to secure a good standard of living in retirement. We have previously commented that many are not saving enough for their retirement. It is concerning that, even where individuals have saved enough, lack of guidance and limited understanding could lead to poor investment choices, meaning they still struggle in retirement. The Government must now use the opportunity of Phase 2 of the pensions review and the upcoming Pensions Schemes Bill to deal with these worrying trends in decision making and pension saving.鈥� 

Kartina Tahir Thomson, IFoA President, said:

鈥淚t is concerning that a decade on from the 鈥榝reedom and choice reforms鈥� so many people continue to struggle to understand their options when it comes to their pensions. In too many cases people are living with the worry of how they will be able to cope financially when they retire. 

鈥淲e need to take a collaborative approach with governments, policymakers and industry working together to raise awareness of guidance and advice available to individuals so that they are empowered to make financial choices that will support them later in life. 

鈥淯sing their expertise in pensions, actuaries can play a key role here to help find solutions that secure a more financially stable future for savers.鈥�

~ENDS~