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Type: IFS Press Releases
Keywords: pensions, retirement
A third of those approaching retirement report finding it impossible even to hazard a guess as to how much income they will receive from their private pensions. This is true of nearly 40% of those with defined contribution (DC) pensions.
Despite the fact that annuity rates vary widely, over the last decade over 70% of people with non-employer DC pension funds simply purchased an annuity from the provider with whom they held their pension. Purchasing externally has, however, been more common among those who might have had most to gain - including those who held more of their wealth in DC pensions.
These are among the main findings of a new report published today by researchers at the Institute for Fiscal Studies. This report has been supported by the National Association of Pension Funds, with co-funding from the Economic and Social Research Council.
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Recent IFS Press Releases
Independent Scotland would face tougher long-run fiscal challenge than the UK as a whole
An independent Scotland would require a significant cut in spending or increase in taxes, over and above that already announced by the UK government, in order to put their long-term public finances onto a sustainable footing.
Since 2008 food spending fails to keep pace with rising food prices and nutritional quality of calories falls / Long term decline in calorie purchases despite increase in calories from eating out, snacks and soft drinks
These are the key headlines from two new pieces of research published by the Institute for Fiscal Studies and due to be presented today as part of the ESRC Festival of Social Science.