Seven out of ten defined contribution (DC) pot holders aged over 55 would prefer pensions to deliver a guaranteed income for life, according to research published by the International Longevity Centre-UK (ILC-UK).
The survey of 5,000 people aged between 55 and 70 also found half wanted a guaranteed income which was protected against inflation. Furthermore, three quarters of people (75%) across the entire survey agreed with the statement "I would prefer a secure guaranteed income over an income that might rise or fall depending on financial markets". When asked what proportion of their pension fund they could afford to lose, the most common answer among those with DC pots was none (35%). Just 7% thought they could afford to lose 20% of their fund or more. However, while consumers wanted in...
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