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Thousands of pensioners could be left penniless and spending their retirement in poverty, a saving provider has warned, following news that savers have withdrawn £2.5billion since the reforms took effect.
A Sipp has been made available on a new direct-to-consumer online platform aimed at retirees.
The Government needs to be more transparent about how Pension Wise is performing, a consumer watchdog said today.
Debts of as much as £100,000 are following people into their life after work, a report on retirement planning has shown.
A director at Mattioli Woods has confirmed his firm is holding talks with troubled Sipp providers and the FCA to look at possible solutions ahead of the revamped capital adequacy rules taking effect next year.
Sipp sales at James Hay increased by 26% in the first half of 2015, the firm reported this morning.
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