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More than half of all pension pots are still being cashed out in full, as fewer people seeking professional guidance, new figures from the FCA have revealed.

The FCA’s latest retirement income market data for 2022/23 published today has revealed that the overall value of money being withdrawn from pension pots is falling, dropping 5% to £43.199m from £45,638m in 2021/22.

Pension provider Aegon has urged the Government to consider a more flexible State Pension age and allowing early pension access to some people amid fears of further “significant” increases in the State Pension age up to 74 and the risk it could cause harm to many.

The Parliamentary and Health Service Ombudsman has called on the Department for Work and Pensions to consider paying compensation to women born in the 1950s hit by the increase in the State Pension age.

Almost one in five (16%) of Britons had accessed funds from their pension savings without understanding the rules before doing so, according to a new report.

Almost a fifth of retirees are being forced to return to work or to consider doing so because of struggling finances, research from Standard Life has revealed.

The Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have called on Government to boost UK growth through greater pension investment in four key areas.

More than three-quarters (77%) of adults do not feel confident about how to access their pensions, according to research.

Pension savers could be left more than £70,000 poorer in retirement due to overlooking charges when transferring their funds, provider People’s Partnership has warned.

Nearly two thirds (63%) of advisers are concerned about the impact of the Government’s proposed lifetime pension provider model, according to a new report.

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