Pensioners 'giving away' lump sum withdrawals

Of those who had taken a lump sum from company or private pension funds, 13% said they had given all or part of the sum to their children with 4% admitting to having given it to relatives and dependents. Prudential’s research also found that a large proportion used the money to treat themselves, with 17% using the money to buy a new car, 31% using it to fund home improvements and 18% buying a holiday. Gary Shaughnessy, managing director of retail life & pensions at Prudential, urges people to consider the repercussions of dipping into their pension pot and make use of other investments t...