Defined contribution pensions: expected fund use to buy an annuity in the UK 2014

This statistic displays the attitudes of employees to annuity purchase in the United Kingdom (UK) in 2014. The survey looked into whether people with defined contribution pensions would use their fund to buy an annuity. It showed that 19 percent of respondents said they would not use their fund at all, while 4 percent reported they would use it all.

Employees with defined contribution (DC) pensions: use of pension fund to buy an annuity in the United Kingdom (UK) in 2014

Amount of pension savings usedShare of respondents
None19%
Some20%
Half13%
Most11%
All of it4%
Don't know34%
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Source

Release date

December 2014

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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