About 700,000 people reaching state pension age over the next ten to 15 years are at "high risk" of making poor decisions when accessing their retirement income, according to a Pensions Policy Institute (PPI) report.
It latest report, sponsored by Fidelity, analysed the section of the population who will reach state retirement age within the next ten to 15 years and found 12% were a high risk of making poor retirement income choices. It said these people had built up defined contribution (DC) savings but had no additional defined benefit (DB) pension to fall back on. Those at most risk have between £19,400 and £51,300 of DC savings with no DB savings, the report said. It added that without help either through guidance or advice, or suitable retirement defaults, these people would be at "high risk"...
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