Standard Life report: Decisions in the dark: How the Defined Contribution pioneer generation are navigating retirement income decisions
It finds that people’s experiences of decumulation are highly varied and deeply emotional. Many value flexibility and control, others feel overwhelmed by complexity and jargon, against a backdrop of a desire for reassurance at key decision points in their retirement journey.
This creates a challenge for providers, trustees and the regulator implementing Targeted Support alongside Guided Retirement pathways to deliver simplicity and certainty without stripping away individual autonomy.
Download the full report to find out:
- External factors, like the rising cost of living and political uncertainty, means that decisions are often driven by a deep-seated need for security, even if this isn’t the best financial decision in the long-term.
- Emotional factors – from fear of boredom to loss aversion and feeling overwhelmed with decision making – strongly shape behaviour, often leading to procrastination or piecemeal decisions.
- The 25% tax free lump sum is universally popular, seen as a well-deserved bonus after a lifetime of saving.
Supplied by REBA Associate Member, Standard Life
Standard Life are part of Phoenix Group, the UK’s largest long-term savings and retirement business. We both share an aligned ambition to help every customer enjoy a life full of possibilities.
