James Banks|Rowena Crawford|Gemma Tetlow
Annuity choices and income drawdown: evidence from the decumulation phase of defined contribution pensions in England
Institute for Fiscal Studies|University of Manchester|Institute for Fiscal Studies|Institute for Fiscal Studies|University College London
provide new empirical evidence importance defined contribution pension wealth england nature annuitization decisions taken older adults retire sources wealth things equal financial literacy numeracy particular important factors governing individuals choices whether shop around annuity opposed taking path least resistance option purchasing original pension fund provider important policy welfare implications given buying annuity open market significant financial benefits people context increasing reliance private provision retirement importance individuals financial literacy successfully navigate complex financial decisions late life underestimated