Just 2% of retirees in the UK will have enough money to meet the government's new minimum income requirement (MIR) and use flexible drawdown arrangements, research suggests.
Estimates from the Pensions Policy Institute (PPI) show only 200,000 people aged 55 to 75 in the UK could meet the requirement of having at least £20,000 a year and enough savings left over to withdraw under flexible drawdown. The research estimates just 5% of this group in the UK have enough saved to use the capped drawdown arrangements. PPI research director Chris Curry says: "The research suggests that initially a relatively small number of individuals will be able to make use of the government's new flexibilities. "However, in the future, a greater number of people may be able ...
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