Source · Select Committees · Work and Pensions Committee
Recommendation 5
5
Not Addressed
Paragraph: 32
We were told that most savers want a reliable income in retirement.
Conclusion
We were told that most savers want a reliable income in retirement. Annuities provide this for savers with defined contribution pensions, but have dramatically fallen in use since the introduction of pension freedoms. The transition from defined benefit schemes to defined contribution schemes means that fewer people will have occupational pensions which provide a guaranteed income in future and therefore we expect there to continue to be a demand for annuities or annuity-like products.
Government response summary AI-generated
The government's response discusses the code of practice for CDC pension schemes instead of addressing the observation about the decline in annuity use. Therefore it is not addressed.
Paragraph Reference:
32
Government Response
The government responded to this report on 27 April 2022. No passage in that response could be matched to this conclusion. Read the response document ↗