Up to 200,000 people will cash in their pension next year, netting the Treasury an additional £1.6bn in tax, according to research from Hargreaves Lansdown.
Retail sales at Axa Wealth were up 3% to £2.5bn in the third quarter with funds under management at the firm swelling by 10% to £27bn.
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It is critical guidance guarantee take up rates increase in its first five years of operation as the proportion of retirees solely relying on defined contribution (DC) pensions grows, Michelle Cracknell has said.
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Blog: May you live in interesting (retirement) times
Sales at annuity provider Partnership were down more than 70% over the past three months of trading, the firm has said.