UK Pension Income (Decumulation) Consumer Research Report 2020

UK Pension Income (Decumulation) Consumer Research Report 2020

This report is a consumer research report looking at how individuals generate income from their pensions. This covers the decumulation phase of the pension process. i.e. using the pension to generate income. This report studies the income generation process from the points of view of two types of consumers: Pensioners: i.e. individuals who are currently receiving income from a pension. How did they act when they generated income? Interviews with 294 individuals were conducted; Pension Savers: i.e. individuals aged 50+ who currently are saving into a pension and will be taking income over the next decade or so. How do they think they will act in the near future when they come to generate income from the pensions they own? Interviews with 371 individuals were conducted. For this report, IRN Research commissioned research from MIS Group’s UK panel. The research was structured so that 2,077 nationally representative consumers aged 18+ were asked about their pension ownership, pension income and their actions.