David Thompson, managing director of business development and proposition at AXA Wealth, has joined the chorus of leading figures expressing concerns about a pension-Isa merger.
ABI data released today shows that £4.7bn has been withdrawn under the new pension freedoms but surprisingly annuity sales have risen for the first time in three years.
TISA, the tax-incentivised savings association, is warning that moves towards a pension Isa would be counter-productive.
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.
A Retirement Survey, which polls some of the UK’s leading pension and annuity professionals, found that 86% agree or strongly agree that the UK will see an increase in individuals taking cash beyond their tax-free allowance.
Women in the UK are setting their sights “significantly lower” than men when it comes to how much money they need to live comfortably in retirement.
More than 40 pension and annuity experts say more information on flexible pensions must be delivered online and through other forms of guidance such as via the telephone and face-to-face.
Pensioners have higher incomes on average than the rest of the population for the first time, the Institute for Fiscal Studies has reported.
Losses due to pension scams were close to £2,500,000 from July to August, police figures have indicated.
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