The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.
Savers withdrew £9.4bn flexibly from their retirement pots during 2020, data released by HM Revenue & Customs (HMRC) has shown.
Simpler retirement ‘wake-up packs’ are not encouraging pension savers to take up free guidance, according to the Financial Conduct Authority (FCA).
Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.
The latest figures on retirement income from the Financial Conduct Authority (FCA) raise concerns about the long-term sustainability of pension payments, according to Just Group.