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Worried retirees have revealed their fears as the fourth anniversary of pension freedoms approaches.
A multimedia firm has created a new video which seeks to explain pension freedoms to clients.
Pension withdrawals continued to soar in the third quarter of 2018 leading to suggestions that some pensions savers are treating their pensions like bank accounts, dipping in to withdraw cash when they need it.
The launch of a new FCA and TPR campaign to boost awareness of pensions scams has been welcomed by the profession.
A record £2.3bn was taken out of pensions pots under Pension Freedoms rules in the second quarter of 2018, HMRC figures have revealed.
When the pension freedoms were introduced it meant radical changes in a short space of time, with providers scurrying round to be ready and the FCA playing catch-up after the event – most recently in the form of the Retirement Outcomes Review final report.
Research has found that 20% of pension savers aged over 50 have changed their retirement plans because of the Pension Freedoms as the retirement planning sector sees a major change in direction.
Retirees using the Pensions Freedoms are demanding more flexibility on income withdrawal and driving demand for financial advice.
Financial Planning and retirement advice company LEBC has called for the creation off a new ‘cooling off’ period on pension withdrawals under Pension Freedoms.
The managing director of global advisor firm Duff & Phelps has said Pension Freedoms have encouraged scammers. 
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