DC pension employees expected use of fund to buy an annuity by age UK 2014

This statistic shows the attitudes of employees to annuity purchase in the United Kingdom (UK) in 2014, listed by age. It looks into whether people with defined contribution pensions were likely to use their fund to buy an annuity. It appeared that the age did not influence much whether people expected to use their pension fund to annuitize.

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

Amount of pension savings used50-5455-5960-64
None or some37%40%40%
Half16%8%12%
Most or all14%16%16%
Don't know33%36%32%
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Source

Release date

December 2014

Region

United Kingdom

Survey time period

August 2014

Number of respondents

2,036 respondents

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 defined contribution 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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