Pensions freedom is six months old - to mark the occasion the Association of British Insurers (ABI) has released its six top facts to emerge from the reforms.
On 6 April, pensions freedom and choice gave over 55s unprecedented access to their defined contribution pension funds. People can now release funds subject to normal rates of tax and are no longer ushered towards an annuity purchase. The reforms have opened up the income drawdown market to people with more modest pension funds and seen a surge in people accessing pension pot cash. Annuity sales have dropped significantly while income drawdown has increased. Several providers have launched guaranteed drawdown products in the wake of the reforms. Some have also moved into non-advise...
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