News | Legal News

12 April 2016

Pension reforms ‘have boosted confidence’

A year after they were implemented, the pension reforms are helping a third of this year's retirees feel more confident about their future, a new survey suggests.

Separate research, meanwhile, indicates the changes are encouraging millions to increase their pension savings.

Since last April those aged 55 and above have had more choice about how they use their pension pots. Before that people often had to use the money to buy an annuity to provide an income during retirement.

Over a third (34%) of those surveyed by Prudential say the new freedoms have made them more confident about retiring. A similar proportion of those retiring this year (36%) say they intend taking some or all of their savings as a lump sum.

Over half (59%) of those questioned, though, say the changes have not yet resulted in them changing their plans for how they use their pension savings.

Another survey by Aegon, meanwhile, suggests that 15% of workers - the equivalent to over six million people - are now saving more for their retirement as a result of the reforms.

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