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ABI data released today shows that £4.7bn has been withdrawn under the new pension freedoms but surprisingly annuity sales have risen for the first time in three years.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.
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.
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