Pension freedoms withdrawals hit fresh low
Withdrawals under the pension freedoms have hit an all time low, reducing the need for emergency regulation or government intervention, an industry expert says.
Pension Freedoms
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Brits struggle to understand pension freedoms
Nearly half of the UK’s upcoming retirees are unsure of how to access their pensions and are worried that what they have saved will not last their retirement, according to research by Old Mutual Wealth.
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Storm brewing over UK pensions
There is a crisis brewing in the retirement income market where there is a lot of freedom but little choice, according to a study published Monday.
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‘Unfair’ pension freedom tax refunds hit £262m
HM Revenue & Customs has had to repay more than £262m to consumers that were charged emergency tax since the launch of the pension freedoms in 2015.
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Fewer pensioners ‘splurging irresponsibly’
Hedonist pensioners forking out for luxury experiences are becoming rarer, according to Financial Conduct Authority pensions freedoms data.
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Drawdown sales hammer annuities
There has been a dramatic move away from annuities to income drawdown following the pension freedoms, data published by the Financial Conduct Authority shows.
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New products needed to defuse pensions time bomb, FCA says
The investment industry has been told by the FCA that it has a growing role in addressing the public policy challenge of inadequate retirement saving levels.
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Fresh pension freedoms inquiry targets scammers
The influential UK Work and Pensions Committee launched an inquiry on Wednesday focused on the risk of savers being scammed after the introduction of pension freedoms.
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Trust in pension advice being destroyed warns advice firm boss
The public’s trust in pension advice is being destroyed by “so-called industry experts”, the boss of retirement advice firm UK Workplace Solutions has warned.
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Qrops market suffers big hit, further falls expected
The number of Qrops transfers in the last financial year dropped to the lowest level since 2010/11 and is expected to fall further on the back of the UK Government’s 25% charge, as the amount of money accessed via the pensions freedoms hits a record high.
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UK eyes ‘intervention’ to allow pension access without drawdown
The Financial Conduct Authority (FCA) has said it is looking to work with the UK government to allow savers to access their pension pots without taking drawdown amid fears consumers need greater protection in the non-advised drawdown market.
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Top planning opportunities two years on from pension freedoms
There are exciting new market opportunities for the taking, two years after the UK pension freedoms were introduced that raised customer awareness of the need for pension planning, says Matt Ward, communications director at AKG Financial Analytics