Pensions - Articles - More than £6bn in the hands of Britain’s over 55s

 “The pension freedom reforms have evidently been enormously popular, with just under 400,000 people withdrawing an incredible £6bn from their retirement savings. The data also shows that the way individuals access their pensions has evolved with the reforms. With more than 750,000 withdrawals made, Britain’s over 55s are becoming used to the concept of dipping in and out of their savings as and when they want.

 “However, the government data on use of Pension Wise shows that there’s a large gap between those receiving information and guidance on how to access their pension and those that are going ahead and using their pension freedoms. While the flexibility of these reforms can be liberating, they come with the real risk of running out of money.

  “With such a huge amount of wealth in the hands of the nation's over 55s, help with pension planning is more important than ever. The further reforms to financial advice – including early pension access and better workplace incentives to pay for professional advice – are going to be vital to ensure that the freedom of accessing your pension how you want doesn’t go to waste.”