The £2.3bn withdrawn flexibly from pensions in Q3 represents a 2% year-on-year decrease from monies withdrawn during the same months in 2019, HM Revenue and Customs (HMRC) figures show.
While many savers remain concerned about funding retirement, more than a quarter say auto-enrolment (AE) provisions have solved their worries, Close Brothers research shows.
The positive impact of auto-enrolment (AE) on retirement savings risks running out of steam amid growing concerns about the damage of the Covid-19 pandemic, says Scottish Widows.
Just under a quarter (24%) of employees never review their pension which shows a lack of engagement when it comes to retirement is a “real issue”, according to Close Brothers.
Just one in five (20%) millennials say saving to secure a desired retirement lifestyle is a top savings priority, according to a Pension and Lifetime Savings Association (PLSA) study.
More than a third (36%) of employers have seen staff enquiring about transferring from a defined benefit (DB) to a defined contribution (DC) pension scheme since April, research finds.