Summary of Freedom and Choice in Pensions

A Behavioral Perspective

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Freedom and Choice in Pensions summary
Not all UK citizens will be making the most of new pension options resulting from 2015 legislative reforms.


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In the UK, legislative reforms in 2015 have resulted in the emergence of a brand-new market for pension plans and other sources of retirement income. Options have multiplied, but will investors be able to navigate the muddy waters where ambiguous information abounds and the hassle of shopping around often causes outright avoidance of the task at hand? The team at Ideas42 takes a close look at common behavioral elements associated with complex, high-stress decisions that result in people making suboptimal choices. getAbstract recommends this enlightening report to anyone affected by the recent UK reforms, as well as employers, government regulators and those interested in behavioral studies.

In this summary, you will learn

  • What self-limiting precepts affect individuals’ retirement planning,
  • How advancing age influences decision-making behavior and biases, and
  • How to remedy shortsighted attitudes that otherwise render pension planning less than ideal.


In April 2015, the British government enacted legislation to reform retirement options in the UK. These reforms resulted in significant changes to the British retirement income market. While the changes were designed to benefit the citizenship, behavioral science indicates that the reforms might do ...
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Ideas42 is a nonprofit organization engaged in studying behavioral science and consulting with clients to design solutions that solve complex problems.

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