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Men are biggest victims of £2bn pension and SIPP losses
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Almost £2bn has been lost from UK pension pots and SIPPs since 2019 because of financial advisers and providers going out of business, according to new data from the Financial Services Compensation Scheme.
Read more: Men are biggest victims of £2bn pension and SIPP losses
End of tax year surge for SIPPs with deluge of top ups
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There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.
Read more: End of tax year surge for SIPPs with deluge of top ups
Value of money withdrawn from pension pots falls 5%
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The FCA’s latest retirement income market data for 2022/23 published today has revealed that the overall value of money being withdrawn from pension pots is falling, dropping 5% to £43.199m from £45,638m in 2021/22.
Read more: Value of money withdrawn from pension pots falls 5%
More advice needed as 58% of pension pots cashed out
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More than half of all pension pots are still being cashed out in full, as fewer people seeking professional guidance, new figures from the FCA have revealed.
Read more: More advice needed as 58% of pension pots cashed out
Pension transfer compensation is falling says OAC
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New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.
Read more: Pension transfer compensation is falling says OAC