[anotheracc88]

Yes if you choose annuity but you can also buy those with regular cash so it's as relevant here as price of tea.

Pensions are more tax efficient and offer a better option of investments (companies) than what is effectively fiat interest going into a lottery pool.

If you have cash in premium bonds you might die young then pay inheritance tax.

Better give your kids cash earlier to live off or invest to avoid this, and so they can over-stuff their pensions ;). Not many people think that far ahead (60 year horizon)

[hinkley]

Some young adults in my life have grandparents who just hit this point, and are trying to set up gifting money to the grandkids in the form of brokerage accounts.