Never has the thought of retirement seemed rosier for working Britons who have experienced two years of the Covid pandemic and months of lockdown. Almost half (49%, up 14% on last year) see it as a time of financial freedom and independence and one in three (29% versus 22% last year), put travel as their top priority when they stop working.
Focusing on various aspects of retirement, including wealth, health, relationships and leisure, our survey gives the most revealing picture yet.
- Britain’s workers dream of a retirement of travel and sun, but growing number suffer pension nightmares
- Faith in the social contract in tatters as Britons of all age fear chancellor will raid pensions and break more promises
- Young people doubt the state pension will exist for them by the time they retire and are more focused on getting on the housing ladder than holiday flights
- Investors feeling the flipside of pensions freedom and pensions complexity
- Cost-conscious savers taking control of investments and increasingly choosing ethical options
Open letter calling for initiatives to encourage saving to be preserved
Following the results of our Great British Retirement Survey, and ahead of the Autumn Budget, Richard Wilson, CEO, interactive investor wrote an open letter to the Treasury, the Department for Work and Pensions, and the Financial Conduct Authority. As millions of people run out of money in retirement, placing an ever-rising burden on the state in the form of benefit support, we have asked that incentives such as the Lifetime Allowance need to be respected and preserved.
In the letter, we highlighted the very real fears and concerns revealed by this year’s interactive investor Great British Retirement Survey.
This major piece of work has drawn on the experiences of more than 10,000 respondents nationwide, answering over 100 detailed questions, and it highlights the worries people have regarding future and existing retirement plans, and uncertainty regarding government policy.
Please remember, SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial advisor before making any decisions. Pension and tax rules depend on your circumstances and may change in future.
Pensions and retirement news
Who we are
interactive investor is an award-winning investment platform that puts you in control of your financial future.
We’ve been helping investors for over 25 years. We’ve seen market highs and lows and been resilient throughout. We’re now the UK’s number one flat-fee investment platform, with assets under administration approaching £55 billion and over 400,000 customers.
For a simple, flat monthly fee we provide a secure home for your pensions, ISAs and investments. We offer a wide choice of over 40,000 UK and international investment options, including shares, funds, trusts and ETFs.
We also bring you impartial, expert content from our award-winning financial journalists, highly engaged community of investors, and daily newsletters and insights.
The ii SIPP is aimed at clients who have sufficient knowledge and experience of investing to make their own investment decisions and want to actively manage their investments. A SIPP is not suitable for every investor. Other types of pensions may be more appropriate. The value of investments made within a SIPP can fall as well as rise and you may end up with a fund at retirement that’s worth less than you invested. You can normally only access the money from age 55 (age 57 from 2028). Prior to making any decision about the suitability of a SIPP, or transferring any existing pension plan(s) into a SIPP we recommend that you seek the advice of a suitably qualified financial adviser. Please note the tax treatment of these products depends on the individual circumstances of each customer and may be subject to change in future.