2017年-FCA英国金融行为监管局_retirement_outcomes_review_interim_report_annex4_77页_1mb

报告摘要

Summary of Retirement Outcomes Review Interim Report: Annex 4

Core Content

This report, prepared by IFF for the Financial Conduct Authority (FCA), explores the reasons behind the full withdrawal of pension pots, the actions consumers took with their savings, and their understanding of the implications of these decisions. It includes both quantitative and qualitative insights from 1,000 individuals who withdrew DC pension pots of more than £10,000 on a non-advised basis between April and June 2016.

Main Findings

WHO: Which consumers withdrew all their pension savings?

80% of consumers withdrew pension savings of less than £29,999, consistent with FCA trends.
85% were under 65 years old, and the majority were still working.
Retirement was still some distance away for most, with 57% expecting to retire in 2–10 years and 22% more than 10 years from now.
84% owned their home, with 65% owning it outright, while 29% had a mortgage.
Only 3% identified the withdrawn pension as their most significant source of retirement income.
On average, consumers had four other sources of income in retirement.

WHAT: What did consumers do with their pension savings?

52% saved or invested the withdrawn pension.
14% used it to pay off debts.
25% spent the cash lump sum.
84% of those who spent the money withdrew less than £29,999, with wider wealth and debt levels similar to the average.
3% invested the majority in capital growth.

WHY: What are consumers' motivations?

The primary motivations were:
- A general climate of mistrust in the pension system, fueled by media stories and past pension scams.
- A preference for present consumption, with many feeling annuities do not provide good value for money.
- A belief that annuities do not provide a sufficient income for retirement.
Mistrust towards annuities was widespread, leading many to avoid them.
Focus on the present was a common theme, with consumers often prioritizing immediate financial needs over long-term security.

HOW: What are consumers' considerations and understanding of their actions?

42% sought information or guidance from Pension Wise, while 22% did no research at all.
Tax and charges were the most common considerations, but few understood the intricacies of these.
Confusion over the Guaranteed Annuity Rate (GAR) was common, with many not aware of its value.
Confidence in understanding was low, with 47% not confident in their understanding of the options when they withdrew their pension.
GAR awareness was high among those with it, but motivations for not taking it were similar to those who did not have a GAR: aversion to annuities and focus on present needs.

Key Information

Consumer Demographics

66% were male, 34% were female.
78% were married, in a civil partnership, or living with a partner.
37% had some form of debt (mainly mortgages), and 14% spent all their withdrawn pot.

Retirement Income Sources

DB pensions were the most significant source of income for 24% of consumers.
State pension was the main source for 21%, with this proportion increasing with age.
Partner's pension was expected by 54%, with 6% citing it as their main source.
DC pensions were the second most significant source, with 10% considering it their main income.
Savings and investments were also a notable source, with 14% having no savings or investments.

Debt and Financial Situation

37% had some form of debt, with 21% having a mortgage and 16% unsecured debt.
29% found their debt to be a burden, with 11% of all consumers.
54% of those with debt used the withdrawn pension to pay it off, and 23% spent all their money on debt.

Perceived Importance of Pension Pot

49% felt their withdrawn pension pot was important for retirement.
24% felt it was at least very important.
The importance increased with the size of the pot, from 16% for £10k–£14.999k pots to 38% for pots over £50k.
Consumers with debt burdens and those who used the pot to pay off debt were more likely to see it as important.

Wider Wealth Overview

The average total wider wealth (excluding state pension) was £32,000.
Retired consumers had a higher average of £43,300, compared to £25,000 for non-retired.
26% did not know whether they would receive further income in retirement.
5% had no retirement finances beyond the withdrawn pot, with this group more likely to be younger, have debt, or lack confidence in their retirement funds.

Conclusion

The research highlights a general mistrust in the pension system, a preference for immediate spending, and a lack of understanding of the long-term implications of full withdrawal. Many consumers are not fully aware of the Guaranteed Annuity Rate (GAR) and its potential benefits. The primary motivation for full withdrawal seems to be a focus on the present rather than long-term planning, which could lead to financial insecurity in later years. The report emphasizes the need for improved consumer guidance and greater awareness of retirement options.