Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

1 in 8 UK adults over the age of 55 who expect to retire in the future to delay retirement due to Covid pandemic


News provided by

Smart

01 Dec, 2020, 15:33 GMT

Share this article

Share toX

Share this article

Share toX

People's retirement patterns are changing. Increasing desire to 'go it alone' means people need solutions that help them make decisions.

LONDON, Dec. 1, 2020 /PRNewswire/ -- New research by YouGov on behalf of Smart suggests that one in eight adults (13%) over the age of 55 who expect to retire in the future are planning on delaying their retirement due to the Covid-19 pandemic. The research also suggests that only a fifth (20%) of UK adults see retirement as a one off event, and over a third (35%) of UK adults who expect to retire or are already retired would prefer to manage all their retirement finances themselves.

The news comes as Smart, the fast growing global retirement technology platform provider, launches Smart Retire, an innovative product that gives flexibility to plan and manage retirement savings in a personalised way.

Will Wynne, Global MD of Smart said:

"While the headline impact of Covid is shocking news for a million people approaching retirement in the UK. This survey demonstrates that the nature of retirement is changing and fast. We know people want to be in control of their finances, but worryingly 47% of adults aged 55+ who expect to retire or are already retired, want to go it alone.

"Retirement is complex and people need help if they are to make the most of their savings. That's why we've invested hundreds of hours testing and refining our new Smart Retire solution which gives people flexibility, puts people in control, but also helps them balance the important decisions to ensure they are using their money in the right way."

The survey

The YouGov survey of 2114 UK adults, conducted on behalf of Smart in November 2020, painted a complicated picture for people approaching retirement.

Half (51%) of people aged 55+ think of retirement as an event with several stages, a statistic which is backed up with people having very different expectations for when they will retire. Looking at the UK adults aged 55+ who expect to retire in the future:

  • 25% saying they will or did first access their retirement savings 50-59.
  • 33% say they will or did first access their retirement savings between 60-64
  • 33% say they will or did first access their retirement savings between 65-69
  • 5% say they will or did first access their retirement savings between 70-74
  • 2% say they will or did first access their retirement savings between 75-79

Furthermore, 7% of UK adults aged 55+ who expect to retire or are retired, don't know their preference regarding managing finances during retirement and 20% don't understand their options around finance at retirement. This marries with the latest DWP research1 suggesting there was little evidence of people giving detailed consideration of the length of their retirement or their needs beyond the independent phase of later life.

Despite all of this Smart research suggests people aged 55+ want control and flexibility

  • 47% of UK adults aged 55+ who expect to retire or are retired would prefer to manage all of their retirement finances themselves
  • But 37% want some support; 7% want someone else to manage their retirement finances entirely, while 30% want some assistance but remain involved
  • When asked what is important when choosing a pension provider, 27% of all UK adults aged 55+ chose being able to change their income if their financial needs change, and 29% place importance on having the ability to withdraw ah-hoc lump sums

Worryingly, 52% of all UK adults are also concerned about only being able to afford a limited lifestyle in retirement, while 13% of those aged 55+ who expect to retire in the future, have decided to delay their retirement due to the Covid pandemic.

Smart Retire

Smart Retire guides members through the complexities in the run up to retirement, filling the 'advice gap' but through guidance rather than sometimes expensive advice. Members can use this solution in conjunction with advice from a professional. 

Designed by Smart's in-house research and UX team, Smart Retire has been built to be as flexible as possible, allowing users to scenario plan and change their pension strategy as required.

Built with four pots, Smart Retire accommodates life's unpredictability and ensures users avoid both under-spending and running out of funds in their retirement.

Of the four pots, two are income pots:

  • Flexible income pot - monthly income in the early years of retirement
  • Later life pot - leave money invested to buy a guaranteed income from an annuity provider later on in retirement

And two savings pots:

  • Rainy day pot - dip in to this pot for emergencies
  • Inheritance pot - put money aside to leave to a loved one

Smart Retire will initially be available to members of the Smart Pension Master Trust with plans to roll out globally in 2021.

Recognising that consumers have long enjoyed technology advancements in banking, payments and investments, Smart's global mission is to transform pensions savings and financial well-being across all generations around the world through technology, and bring the pensions sector in line.

Notes to editor:

1. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/929728/pension-freedoms-research-study.pdf

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2114 adults. Fieldwork was undertaken between 19th - 20th November 2020. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

About Smart:

Smart is a global savings and investments technology platform provider, co-founded in 2014 by Andrew Evans, Group CEO, and Will Wynne, Group MD. Legal & General Investment Management (LGIM), J.P. Morgan, Link Group, Natixis Investment Managers and Barclays are all investors in Smart.

The Smart platform powers the award-winning master trust, Smart Pension Master Trust. Launched in 2015, the Smart Pension Master Trust has grown from £100 million in AUM to £1.3 billion in two years. It is overseen by independent professional trustees and regulated by The Pensions Regulator. Smart Pension is a signatory of the UN Principles of Responsible Investing (PRI).

In 2020 Smart Pension was named Master Trust Offering of the Year at the Pension Age Awards. Other awards include DC Master Trust of the Year, DC Innovation of the Year and Retirement Innovation of the Year in the 2019 UK Pensions Awards. Smart Pension was also named European Pension Fund of the Year 2019 in the European Pension Awards.

Find out more about Smart > https://www.smart.co

We tweet as @SmartPensionUK

Related Links

https://www.smart.co

Modal title

Also from this source

smart Debuts Its #3 Keith Haring Art Car Globally, Launches #5 BRABUS and #5 Premium+ AWD in China at Auto Shanghai

smart Debuts Its #3 Keith Haring Art Car Globally, Launches #5 BRABUS and #5 Premium+ AWD in China at Auto Shanghai

smart is showcasing its expanded premium vehicle lineup at the 21st Shanghai International Automobile Industry Exhibition (Booth 4A03), featuring the ...

2024 Zhangjiajie International Tourism Innovation Week shows vitality of China's tourism industry

2024 Zhangjiajie International Tourism Innovation Week shows vitality of China's tourism industry

From October 18th to 20th, the 2024 Zhangjiajie International Tourism Innovation Week, hosted by SMART and themed 'Integration and Expanding...

More Releases From This Source

Explore

Publishing & Information Services

Publishing & Information Services

Banking & Financial Services

Banking & Financial Services

Financial Technology

Financial Technology

Financial Technology

Financial Technology

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.