The average full withdrawal from pension pots since UK rule changes came into effect in April 2015 was just under £25,000 ($35,346, €31,673), new research by online investment platform AJ Bell shows.
The first rate rise since the financial crisis was a long time coming and markets initially responded relatively well, but it is starting to look like a miss-step by the Federal Reserve.
The FTSE 100 edged back over 6000 on a wave of positive sentiment triggered by the surprise announcement that Japan has moved to negative interest rates.
Platform provider AJ Bell is set to launch its own range of funds after agreeing to acquire a small London-based investment management business for an undisclosed sum.
The UK financial services industry has cautiously welcomed the government’s plans to extend its pension freedoms and create a new secondary annuities market by giving more than five million people the ability to sell their annuity from 6 April 2017.
With pension management expected to undergo a revolution this year, the UK pension industry could do worse than to look at developments in other countries.
