Just 8% eye taking pension 'in one go'; drawdown dominates - research

clock

Fewer than one in ten of those with pension queries following the roll-out of the retirement 'freedoms' on 6 April were looking to withdraw their savings in full, research suggests.

While only 7.7% of calls to broker Hargreaves Lansdown concerned accessing their entire pots, some 42% were related to drawdown. Just under 10% telephoned to discuss buying an annuity on the first day of the pension freedoms first announced by Chancellor George Osborne at Budget 2014. Hargreaves Lansdown recorded the reasons customers telephoned on 6 April, though, with it being a Bank Holiday, it noted it only received "a couple of hundred" calls.   What customers telephoned Hargreaves Lansdown about on 6 April   Topping up/opening a SIPP  8.2%  Taxation (of drawing a pensio...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income

Legal & General goes digital for annuity applications

Legal & General goes digital for annuity applications

Applications could take 14 fewer days to process

Jenna Brown
clock 01 April 2025 • 1 min read
M&G launches fixed term annuity as it re-enters market

M&G launches fixed term annuity as it re-enters market

Fixed term of between five and 15 years on £10,000 minimum lump sum

Jenna Brown
clock 12 March 2025 • 2 min read
L&G reports record annuity sales of £2.1bn for 2024

L&G reports record annuity sales of £2.1bn for 2024

New business sales of annuities up 48%

Linus Uhlig & Jenna Brown
clock 12 March 2025 • 3 min read