Figure 1: The SPA is set to reach 68 between 2044 and 2046, under current legislation
Figure 2: The majority of individuals retire around the SPA
Figure 3: Under the new state pension scheme, the disparity between state pension pay is much less than pre-2016
Figure 4: Non-retired individuals are less confident that they will receive a full state pension
Figure 5: Both retirees and non-retired place the most importance on the state pension to fund their retirement
Figure 6: 34.9% of individuals stated that they desire a retirement income between GBP2,000 and GBP2,999 a month
Figure 7: Men desire higher retirement incomes than women
Figure 8: A minimum of GBP12,800 per annum is needed for a single individual to cover expenses in retirement
Figure 9: Women need greater pension pots than men due to having longer life expectancies
Figure 10: Non-retired individuals are less confident that their retirement income will cover living expenses
Figure 11: 35—39-year-olds are most concerned about their retirement incomes being sufficient
Figure 12: APE for work-based pensions solely contributed to the overall growth of the pensions market
Figure 13: 37.3% of self-employed individuals think their employment status will impact their retirement income
Figure 14: The majority of pensions distribution goes through the independent advice channel
Figure 15: The pensions market is predicted to continuously grow until 2027f
Figure 16: Younger place far greater emphasis on the importance of sustainable investing in their investment strategy
Figure 17: AS household income increases so does the intention to use the extra pension annual allowance
Figure 18: The proportion of employees with workplace pensions grows again in 2021
Figure 19: Younger consumers are more likely to have started a workplace pensions as a result of AE
Figure 20: Workplace pensions participation amongst 16-21-year-olds is low as a result of AE eligibility
Figure 21: 31.7% of individuals would never opt-out, emphasizing the desire to save for retirement
Figure 22: DC schemes continue to grow among non-retired, as employers continue to favor them
Figure 23: The total number of workplace pensions fall around SPA, as many consolidate their pensions
Figure 24: 61.9% of individuals contributing a minimum of 6% of their income towards their pension
Figure 25: The proportion of self-employed contributing nothing to their pension has fallen to 11.9% from 21.1%
Figure 26: Most employers match the contribution of their employees, whereas 15.6% go higher than the employees
Figure 27: Only 22.3% actively take part in the investment of their pension plan
Figure 28: Most individuals tend to know the size of their pension pot closer to retirement
Figure 29: 41.8% of individuals aged 65—69 have a pot of GBP10,000 – GBP30,000 compared to 21.8% of 60—64
Figure 30: There is a large disparity of pension pot size between men and women approaching the SPA
Figure 31: Over 55s have flexibility in terms of withdrawing pension income
Figure 32: The proportion of individuals using their pension fund for everyday expenses rose from 33.3% to 37.7%
Figure 33: Most individuals defer claiming a pension to work longer in order to gradually build up a larger fund
Figure 34: 56.0% of pension pots were completely withdrawn from upon its first time accessed
Figure 35: 85.2% of small pension pots (less than GBP10,000) are completely withdraw upon first access
Figure 36: New premiums for income drawdowns increase again in 2022
Figure 37: The value of taxable flexible payments from pensions significantly increased in Q2 2022
Figure 38: 88.9% of individuals state their lifestyle in retirement is better than or as expected in 2023
Figure 39: Roughly three quarters of retirees are confident their pension/savings are enough to last their entire life
Figure 40: Most retirees review their budget once a month
