In the UK, we can never directly access our capital upon retirement ( even for a private, self-managed pension ). The best we can do is withdraw 25% as a lump

In the UK, we can never directly access our capital upon retirement ( even for a private, self-managed pension ). The best we can do is withdraw 25% as a lump sum and then buy an annuity with the remainder ( or draw-down a Government-controlled small % each year ). Not much of a safety net. So naturally people decide to use a different savings vehicle, one in which they can decide how to use the capital. Hence the headline 'underfunding' of our personal pensions.