In his Budget speech on 19 March 2014, the UK Chancellor announced the biggest change in pension policy in 100 years: ‘Pensioners will have complete freedom to draw down as much or as little of their pension pot as they want, any time they want. No caps. No drawdown limit. Let me be clear. No...

This report is designed to provide new evidence on retirement patterns in the UK, as part of the Pensions Review, a larger project run by the IFS in partnership with the abrdn Financial Fairness Trust, which is examining the future of financial security in retirement. Understanding patterns of...

Demographic changes, tight public budgets, and reduced generosity of occupational pension plans shift the responsibility for an adequate retirement provision towards the individual. Applying the theoretical perspectives of Behavioural Finance and New Institutionalism to the domain of retirement...