Almost 70 per cent of savers want to start taking an income from their pension fund by the age of 65, research shows.
In a survey of 1,012 adults, pension and insurance provider MetLife found 7 out of 10 wanted to draw on their private savings before the current state pension age for men. A quarter hoped to start cashing in on retirement savings by 60, while just 3 per cent said they are willing to wait until they are older than 70.
MetLife UK managing director Dominic Grinstead says: “The overwhelming majority of retirement savers would like to start drawing on their pension fund by 65, although a substantial minority are happy to wait until they are past their 65th birthday.
“Protection against inflation is the key for half of all savers with just 10 per cent choosing maximum income at the outset as their main concern. The key to helping people make the right choices at retirement is to keep the options open to them as simple as possible.”
The research formed part of MetLife’s response to the Treasury’s consultation on ending of compulsory annuitisation at age 75. As a result of the changes, new flexible and capped drawdown pension regimes will be introduced from April, next year.