Over half of full pension withdrawals done without advice
Which puts people at risk of significant income and inheritance tax charges
Pension Freedoms
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Pension freedom users failed by UK government body
Hope that taking guidance would become a ‘new norm’ has not materialised
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Pension freedoms age set to rise
Government flagged the move back in 2014
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‘Common sense’ prevails as pension freedom withdrawals fall 17%
But drop is expected to be ‘a short-term blip’
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UK select committee launches pension freedoms inquiry
It will look at scams, the range of options for savers and later life planning
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Will pandemic-induced drawdown cause depleted retirement pots?
As 51% of Brits aged 55 and over admit they know little about the pension freedoms rules
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Rash decisions risk hurting unadvised retirees during pandemic
DIY savers ‘more inclined to have a knee jerk reaction’ to volatile markets
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HMRC pays back record £166m in pension freedoms tax
‘Whole system is complex and there is a clear need to review how it works’
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Pension freedoms hit £35bn mark on fifth anniversary
‘People have been attracted by the ability to use their pensions like cash machines’
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Covid-19 pushes over 10% of UK retirees to access pension pots
As more than one million people have been furloughed
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Five things to know before accessing pension freedoms
During the first bear market since they were introduced
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Most over-55s in UK will not touch private pension in 2020
Current economic climate has ‘put the brakes on any plans’ to dip into retirement pots