Pension Freedom  

Pension withdrawals hit £33bn

Mr Cameron said: “Even in times of uncertainty as we’ve seen in recent months ahead of Brexit, there appears to be no resurgence of desire for the guaranteed income on offer from annuities. This may not be surprising though with interest rates continuing to languish at rock bottom levels, making the amount paid out from annuities look particularly unappealing.

“With people living longer, proper retirement planning is needed to safeguard people’s wealth, particularly if choosing to use flexible drawdown in retirement. Here, retirees remain invested in the stockmarket raising concerns over the impact a major fall could have on their retirement prospects including the risk of running out of money if they withdraw too much too soon. 

“Seeking professional financial advice can give peace of mind that your financial affairs are being taken care of, whether that’s about having enough secure income to cover the basics, taking a sustainable regular income, or investing wisely.”

amy.austin@ft.com

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