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The ABI says that sales of annuities have risen in recent months, according to its latest pension report published one year after the Pension Freedoms.
ABI data released today shows that £4.7bn has been withdrawn under the new pension freedoms but surprisingly annuity sales have risen for the first time in three years.
In its response to the Treasury consultation on pension transfers and early exit charges, Sipp provider AJ Bell has called for all early encashment penalties that block access to the new pension freedoms to be scrapped.
Partnership chief executive Steve Groves has forecast that the new pension freedoms will eventually be curtailed.
The Association of British Insurers has revealed that around 80% of cash lump sum withdrawals were made by people who had not reached 65 years of age.
Most members of pension schemes are likely to turn down the option to withdraw 100% of their pension rights as a lump sum, according to research from Capita Employee Benefits.
Hargreaves Lansdown has reported that over the past year it has received over 150,000 requests for information regarding the new pension freedoms with over 8% of callers asking about topping up or opening a Sipp.
A consumer survey for the National Association of Pension Funds has found that 83 % of people are positive about the pension changes coming into effect next week but 63% worry they will run out of money before they die.
The alleged sale of sensitive pensions data to cold calling companies ahead of the new pension freedoms arriving on Monday (6 April) is to be investigated by the Information Commissioner's Office.
Suffolk Life has warned that investors using new pension freedoms to withdraw cash from a pension fund to purchase buy to let property could be £150,000 worse off after five years if they buy a £300,000 property.
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