Pension savings & investments

  • 2018
  • Financial Conduct Authority

Many consumers in the UK struggle to make informed decisions about when and how to use their pension savings.


We prompted active choice between a small number of investment options to prevent inertia or people just going with the default option.


We conducted a quantitative evaluation of three pension savings options: adding more detailed descriptions, allowing people to split their money across options and adding a separate annuity option. These were tested against a control baseline of minimal information.

Result & Impact

The detailed descriptions significantly increased people’s understanding (by 4 percentage points), while the other treatments had no statistically significant impact.