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A lack of advice for pension savers risks the flexibilities offered by pension freedoms being a failure, according to a new report from the Work and Pensions Select Committee.

Savers cashing out their pension pots to take advantage of pension freedoms since 2015 are set to lose £2bn as a result, according to new research.

Pension savers have reclaimed £693m in overpaid pension tax since pension freedoms were introduced in April 2015.

Pension savers withdrew £9.4bn flexibly using the Pension Freedoms in 2020, new HMRC data reveals.


Industry experts have expressed concern about the Government’s confirmation it will legislate to increase the age the Pension Freedoms can be accessed from 55 to 57 from 2028.

Access to advice remains a major concern for Financial Planners four years into pension freedoms, according to new research.

Almost two thirds of Britons surveyed (62%) that had received recent financial advice said they had detailed knowledge of Pension Freedoms, compared to a third (33%) of over-55s that had never received financial advice. 

A record 1m more people will reach the Pension Freedom age of 55 his year and this ‘peak’ will last for several years, according to new analysis.

It will be no surprise to those of you that know me, or at least read some of my blogs last autumn, that I’m not the biggest fan of default investment pathways, especially when it comes to SIPPs, and most definitely when advisers are involved.

A new survey for online platform and SIPP provider AJ Bell on the 5th anniversary of the Pension Freedoms suggests withdrawals have been falling year on year.

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