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Hugh Nolan, Chief Actuary at JLT Employee Benefits, comments on FCA Pensions Freedom data: "Two thirds of maturing pension pots are under £30,000 and 70% of people with this level of funds are cashing them in entirely at retirement, with less than 5% buying an annuity. |
This is exactly what we expected to happen now that people are allowed to choose between a lump sum of say £10,000 or a pension of less than £10 per week. They might miss that little bit extra each week eventually but a significant one-off payment like this can transform someone's financial wellbeing overnight. “For those with pots over £30,000, 60% are choosing income drawdown options that might well generate 15% more income than a traditional annuity, with only a little extra risk. The main concern is that most people with funds over £30,000 are choosing partial drawdown and could run out of money if they live longer than they're expecting - which many will.
“At this moment, pension flexibility is giving everyone a real choice and people are definitely taking full advantage of this freedom." |
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