Research by a financial provider has found that eight out of ten over-50s (78%) “significantly underestimate” how long they are likely to live - a gap that means many could run out of pension cash, it says.
Nearly half of Pension Freedom users say they fear running out of cash in retirement, according to new consumer research from SIPP and platform provider AJ Bell.
Aegon has urged the Government to clarify the potential impact of increasing the state pension age on the minimum age for pension freedoms.
The Financial Conduct Authority has identified a number of pension areas where ‘intervention’ may be necessary following the introduction of the pension freedoms in April 2015.
One in two annuity customers stay put with their original pension provider rather than shopping around despite the arrival of the new pension freedoms.
A report on the pensions awareness of Britain’s under-35s has exposed widespread ignorance of the pensions freedoms, two years on from the changes.
Research carried out for the second anniversary of the pension freedoms has revealed major changes in pension saving with millions saving more but also being more realistic about their retirement pots.
The Association of British Insurers has urged the government to put on hold its plans to curtail tax relief for pension freedom users.
Pension freedom statistics released today showing that £9.2bn has been withdrawn so far could be masking the danger of people running out of money in retirement, say leading pension commentators.
AJ Bell has called for a reintroduction of the permitted investment list for Sipps as pension transfer values soar and fears grow about a rise in pension scamming.
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