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Reports and Briefing Notes

Transitions to Retirement: How might the UK pensions landscape evolve to support more flexible retirements?

How might the UK pensions landscape evolve to support more flexible retirements?, is part of the PPI’s Transitions to Retirement series exploring how people access pension savings. This report was sponsored by The Investment Association and The People's Pension.

This report builds on the findings of previous reports and, using evidence from four countries, Australia, Ireland, New Zealand and the United States (US), considers how the UK pension and retirement income system might evolve in the context of changes in the retirement landscape. In particular, this report considers the impact of the new flexibilities introduced from April 2015.

The PPI Transitions to Retirement series explores how people access pension savings. The series as a whole is sponsored by Age UK, Fidelity, Partnership, State Street Global Advisors, The Investment Association, The Pensions Advisory Service (TPAS), The Pensions Regulator (TPR) and The People’s Pension.


Chapter one compares the pension systems in Australia, Ireland, New Zealand, and the US with that of the UK. It discusses the stated objectives of these pension systems and provides an overview of the pension systems so as to provide some insight into what might happen in the UK.

Chapter two compares the needs of UK DC savers with those in Australia, Ireland, New Zealand and the US. This chapter goes on to consider ways in which the UK pensions system, based on the needs of UK DC savers, might evolve in order to meet individuals’ needs.

Chapter three focuses on developments in two countries with relatively mature DC markets in which the rules have been liberal relative to the UK; Australia and the US. It looks at the role of annuitisation in these countries and the allocation of assets during the transition to, and through retirement, along with behaviours and rules of thumb around withdrawals.

Chapter four considers ways in which the UK DC market is similar and different to the DC markets in Australia and the US, and the implications of this for the UK. It also considers what might happen in the UK Defined Contribution (DC) market, post the introductions of the pension flexibilities. Specific consideration of the DC regulatory environments suggests lessons for the UK pension system.


To download the appendices that go with this report, please click here.




Executive Summary

Executive Summary

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