The ABI has recently published statistics for the first complete year since the Freedom and Choice reforms, from April 2015 to April 2016.
The ABI is also publishing new data which shows the percentages withdrawn from pension pots and from what age groups.
This new data indicates the majority of savers are taking a sensible approach, with 57% pots with 1% or less withdrawn during the last quarter. However, there are signs a minority may be withdrawing too much too soon and at rates that would see their money run out in a decade or less, if they are reliant on their pension pot as their main source of income. Indeed, in the last quarter, four per cent of pots had 10% or more withdrawn, and many others are taking their whole pot in one go.
However, the data doesn’t identify whether these savers may have multiple pots or other regular income.
At the point of retirement professional advice is highly recommended, since there are so many options available.
Each option has advantages and disadvantages and find the right solution that will provide for you and your family now and to sustain you throughout a long retirement needs careful thought and planning.
Access you quick Pension Freedoms Guide via this link.
Find The ABI Press Release here and the full statistics are available by clicking here .
