What drives the purchase decision in pensions and long-term investment products in the UK?

Orla Gough, Roberta Adami

Research output: Chapter in Book/Report/Conference proceedingChapter


The market for investment and personal pension products is in constant expansion, especially as a consequence of the UK government’s drive to shift the burden of retirement income provision to individuals. Within employment schemes, many private-sector employers have already replaced defined benefit with defined contribution pension schemes to reduce costs and transfer financial risks to employees (Banks et al. 2005, Dobson and Horsfield 2009, Timmins 2010). Pensions are complex financial products and consumers may not fully appreciate the most relevant information to make an informed purchase decision. The UK’s Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have claimed that financial service providers make the decision-making process more complicated than it needs to be by excessive use of jargon and by presenting the costs related to purchasing a private pension in a way that makes it difficult for consumers to make straightforward comparisons (Adami and Gough 2008).
Original languageEnglish
Title of host publicationThe Routledge Companion to Financial Services Marketing
PublisherTaylor and Francis Inc.
Number of pages10
ISBN (Electronic)9781134095551
ISBN (Print)9780415829144
Publication statusPublished - 3 Dec 2014
Externally publishedYes

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • General Business,Management and Accounting


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