PUBLICATIONS:

A Partnership Population Patterns Series brief.

ILC-UK, supported by the specialist insurance company, Partnership Assurance Group plc, has begun to undertake a series of events to explore the relationship between our changing demography and public policy. As part of the Population Patterns series, this brief explores the challenges posed by recent pension reforms.


The Government has instigated a once in a lifetime shake-up of pensions that has introduced flexibility in the defined contribution (DC) arena and opened up income options for retirees by allowing access to more of their savings through changes to flexible drawdown and trivial commutation rules. The state pension has also been overhauled with the introduction of a flat rate state pension of £144-a-week from April 2016 (to those who are eligible).

While the reforms have been broadly welcomed they are not a panacea to the problems created by the UK’s ageing population and in fact present new challenges. This brief addresses a number of issues including:

  • People’s underestimation of their longevity
  • Under saving
  • The possibility that people may leave their pension funds as cash savings
  • The need for people to work longer

Download a PDF of the brief below.

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