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Research carried out for the second anniversary of the pension freedoms has revealed major changes in pension saving with millions saving more but also being more realistic about their retirement pots.
The Association of British Insurers has urged the government to put on hold its plans to curtail tax relief for pension freedom users.
Pension freedom statistics released today showing that £9.2bn has been withdrawn so far could be masking the danger of people running out of money in retirement, say leading pension commentators.
AJ Bell has called for a reintroduction of the permitted investment list for Sipps as pension transfer values soar and fears grow about a rise in pension scamming.
Research carried out for wealth manager St James’s Place by The Wisdom Council reveals that only 49% of UK adults understood the pension changes implemented in 2015 and the impact on their choices at retirement.
The Chartered Insurance Institute has unveiled a campaign to call on life, pensions and long term savings providers to back a framework of professional standards ‘underpinned by credible and robust measures.’
A fifth of Defined Benefit scheme members given free financial advice have left their scheme to access flexible retirement options available through a defined contribution (DC) pot, according to Willis Towers Watson.
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ABI data released today shows that £4.7bn has been withdrawn under the new pension freedoms but surprisingly annuity sales have risen for the first time in three years.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.
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