ABI: Pension freedoms see savers withdraw £1.8bn in two months
British pension savers have withdrawn more than £1.8bn from their pension pots in the first two months since the start of the freedoms, new figures revealed.
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British pension savers have withdrawn more than £1.8bn from their pension pots in the first two months since the start of the freedoms, new figures revealed.
Aberdeen Asset Management has hired the former UK shadow pensions minister Gregg McClymont to fill a new role as head of retirement savings.
Aegon has warned that 80% of the requests it has received for transfers into qualifying recognised overseas pension schemes (QROPS) are designed to swindle savers out of their pension pots.
The UK government will begin to reduce pension annual allowances for those on incomes of over £150,000 from April next year, the chancellor George Osborne announced in his Summer Budget.
Sectors of the UK pensions industry are “still struggling” to meet customer demands nearly three months after the new freedoms were introduced, FCA figures have revealed.
Free and low-cost pension support services have taken off as more UK consumers look for alternatives to traditional financial advice and the governmental initiative, Pension Wise.
Thousands of UK savers have collectively withdrawn more than £1bn from their pension pots after new freedoms were introduced in April.
Britain’s Work and Pensions Minister Iain Duncan Smith has warned the pension industry to stop dragging its feet over implementing the government’s reforms, which came into effect on 6 April.
The number of UK financial advisers requiring a specialist pension transfer qualification to give advice on transfers is expected to jump significantly as more people make use of the new freedoms.