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Nearly a fifth of consumers may be planning to withdraw cash from pensions to drip-feed it into an ISA once they turn 55, according to new data.

Pension holders should be able take out a small amount from their pot to pay for pre-retirement advice, a major review has proposed.

A co-founder of a leading Sipps firm says the FCA is looking to the sector to become smaller but formed of well-run, financially strong operators.

Radical pension reforms could significantly boost the pension savings of the majority of earners, but at the cost of substantial losses to high earners and major disruption to the industry, a report concluded.

Sipp contributions more than trebled compared to the previous year, Fidelity International’s pension inflow figures showed.

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