The objective of the report was to investigate how prepared people are for their own retirement, with particular focus on those who are roughly half way towards that objective.
In order to achieve this we asked an independent researcher, Harris Interactive UK, to interview 3 groups of individuals:
The attitudes of each group were compared, and also analysed across different regions of the UK to identify at what age people are likely to start thinking about retirement and what action they are likely to have taken at each life stage.
The report also uses data from the Centre for Economic and Business Research in order to calculate the amounts that people should be investing to provide a comfortable retirement, and to compare this with their actual savings.
Download a copy of the full report Pensions Through the Ages.
All of this means incentivising people to save must be a crucial part of the agenda going forward. And the Treasury's review is well-timed.
However, our research found that 84% of both young and mid-way savers would be likely, very likely or definitely would save more if they were given an incentive from a third party. This was described as one "which means that for every £2 you save you receive an extra £1".
The proposed move to awarding tax relief on exit would not achieve this; it seems that people do respond to an up-front incentive, but a simpler structure or clearer explanation of the benefits is required.
Our research was carried out by Harris Interactive UK Ltd between 14 August and 19 August 2015:
Fiona joined the life and pensions industry in 1989. She is a Fellow of the Personal Finance Society, an Associate of the Chartered Insurance Institute and is currently Vice-President of The Insurance Society of Edinburgh. Fiona specialises in the areas of at retirement planning and pensions and divorce.