Defined Capability: Pensions, financial capability and decision-making among retirees

James Lloyd and Chris Lord

This report describes the results of quantitative research into the characteristics and financial capability of individuals in the UK above or just below retirement age who have ‘Defined Contribution’ (DC) pension savings or receive an income from a life annuity.



The principal driver for the study was the UK government’s announcement at Budget 2014 of a change in the taxation of DC pension savings from April 2015 - removing the obligation for individuals to convert DC savings into a secure pension income at retirement.

The published report is available at

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