On 6 April 2015, the government implemented the ‘freedom and choice’ reforms set out in the Taxation of Pensions Act (2014). This ground-breaking legislation allows individuals to access their pension benefits with much more flexibility than before.
A year after launch, the IFoA carried out research into initial public attitudes to these changes. In early 2022, and now in April 2025, we carried out updated studies to see whether public attitudes to the reforms had changed in the decade since pension freedoms started and to assess the current state of play as to how individuals understand and manage their pensions.
Like many organisations, the IFoA remains concerned that many UK households are not saving enough for later life, are not accessing free guidance or paid-for financial advice and remain ill-equipped to deal with the risk of running out of money in retirement.
You can read our preliminary report (2016), the 2022 update, and the most recent 2025 study on this page.
To find out more, please contact Policy Manager Caolan Ward at caolan.ward@actuaries.org.uk
