Pension Freedoms

The Pensions and Lifetime Savings Association (PLSA) has launched a call for evidence on a proposal for a solution designed to support savers navigating pension freedoms as they move towards retirement.

The number of people turning 55 and becoming eligible to use the pension freedoms will hit a peak of 941,000 this year, according to Aegon.

Pension transfer activity has dropped to the lowest level since the introduction of the pension freedoms, research by Lane Clark & Peacock (LCP) reveals.

Further reforms to pension freedoms are needed to ensure the long-term success and sustainability of pension freedoms, according to the Association of British Insurers (ABI).

A review of how the general levy is calculated must be undertaken by the Department for Work and Pensions, 70% of this week’s 90 Pensions Buzz respondents said.

Over £30bn has been withdrawn from pension pots since Freedom and Choice was introduced in 2015 for those aged over 55, according to latest data from HM Revenue and Customs (HMRC).

XPS Pensions Group has revealed 70,000 defined benefit (DB) members are exercising pension freedoms each year, suggesting more education is needed to ensure better member outcomes.

Members of occupational pension schemes claimed £4.3bn in pensions tax relief in 2017/18, as total relief climbed £1.1bn.

The vast majority of pension scheme members who use Pension Wise have demonstrated clear knowledge about pension freedoms when questioned on specific facts.