Around a quarter of British adults say they’re open to crypto forming part of their retirement plan, suggesting that crypto could claim a larger share of the UK’s multitrillion-dollar pension fund market.

UK insurance company Aviva said on Tuesday that its poll of 2,000 UK adults found 27% were open to crypto in their retirement fund, with just over 40% open to crypto saying they’re motivated by the higher potential returns.

The survey, which was conducted by Censuswide between June 4 and 6, also found that 23% of all surveygoers said they would consider withdrawing part, or all, of their existing pension to invest in crypto.

Crypto investments in UK retirement plans could see significantly more capital flow into the space, with over four in five UK adults holding pensions worth 3.8 trillion British pounds ($5.12 trillion). 

However, UK adults have limited options for adding crypto to their retirement funds.

It comes as US President Donald Trump signed an executive order earlier this month permitting US 401(k) retirement plans to include Bitcoin (BTC) and other cryptocurrencies, opening access to more than $9 trillion in assets.

A fifth of UK adults already dabbled in crypto

Aviva said that around one in five surveyed — equivalent to around 11.6 million people — said they hold, or have held, crypto, and around two-thirds said they still own crypto in some capacity.

Nearly one-fifth of UK adults aged between 25 and 34 said they have already withdrawn pension funds to invest in crypto, making them among the largest contributors to the 8% of all respondents who reported doing the same.

Brits still concerned about crypto risks

The respondents cited security risks — such as hacking and phishing attacks — and lack of regulation and protection around crypto as the biggest risk concerns at 41% and 37% respectively, while crypto volatility was flagged as the third-biggest worry at 30%.

Related: Bitcoin 401(k)s thrill crypto investors but carry serious risks

Aviva’s managing director of wealth and advice, Michele Golunska, said it’s easy to see why crypto has become an appealing investment option in recent years, but pensions still offer significant advantages.

“We mustn’t forget the value of the good old pension. It comes with some powerful benefits, like employer contributions and tax relief, that can make a real difference to your long-term financial wellbeing.”

Many UK adults aware of the risks

Nearly one in three of the respondents said they’re interested in crypto but acknowledged that they don’t fully understand the benefits they may give up by cashing in on their pensions, while 27% didn’t realize there are any risks involved.

The UK has cautiously progressed with crypto regulation, having unveiled a proposed framework in May that would see crypto exchanges, dealers, and agents treated similarly to TradFi firms, with strong compliance checks particularly focused on transparency and consumer protection.

UK banks appear to have slowed adoption, with 40% of 2,000 recently surveyed crypto investors stating that they had their bank either block or delay a payment to a crypto provider.

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