Pensions - Articles - 200,000 will ‘blow pensions’ next year

 Commenting on Hargreaves Lansdown research that 200,000 will ‘blow pensions’ next year David Macmillan, Managing Director at Aegon said:

 “Giving people greater flexibility over how they access their pension is a change for the good. However, based on current life expectancy figures, if you access your pension at 55 it may need to last another 30 years and it will become increasingly important to have a plan in place for how you spread your savings across retirement.

 “While some people may opt to take their pension and put it in their bank account, this is likely to make sense only for those with the smallest pension pots and our research indicates the a majority of people still want a guaranteed income. When asked how they would like to take their cash from next year, 40% wanted a guaranteed regular income, while 30% wanted a combination of a cash lump sum and a regular income.”