Three years on: Over-55s encouraged to save more by pension freedoms

Four-fifths (82%) want an end to pension tinkering

Victoria McKeever
clock • 3 min read

Around one in ten (11%) of workers aged over 55 said pension freedoms had encouraged them to save more since the rules came into effect in April 2015, Prudential has found.

In the last three years, this group said they had started saving into a pension for the first time, encouraged their partner to save more, increased pension contributions or restarted pension saving since the rules were introduced. According to the research from the provider, which surveyed 1,000 UK adults aged over-55 in February, one in eight (12%) expected to work past their original planned retirement date. Since the freedoms were introduced, one in seven (14%) had also made more effort to learn about retirement savings. Nearly two-thirds (64%), however, said they were confused...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

'Moderate' retirement living standards out of reach for majority as savers face 'cliff-edge'

'Moderate' retirement living standards out of reach for majority as savers face 'cliff-edge'

Costs of minimum, moderate and comfortable retirement lifestyles have all risen

Holly Roach
clock 03 June 2026 • 4 min read
Salary sacrifice changes to see 2.8 million cut back pension saving

Salary sacrifice changes to see 2.8 million cut back pension saving

According to Freedom of Information request to HMRC

Sophia Panayi
clock 01 June 2026 • 2 min read
Beyond the numbers: Understanding clients' emotional journey into retirement

Beyond the numbers: Understanding clients' emotional journey into retirement

'Supporting clients through the transition into retirement requires far more than technical financial expertise alone'

Catherine Foot
clock 29 May 2026 • 5 min read