Citizens Advice survey reveals 'disturbing' pension transfer preferences

Findings 'genuinely shocking' - Intelligent Pensions

Tom Ellis
clock • 2 min read

The real concern with pension freedom is not people blowing their retirement savings on big-ticket luxury goods but transferring their pots into low-interest bank accounts, research from Citizens Advice has suggested.

A third (32%) of those with pensions of more than £100,000 are transferring their pensions into bank accounts, according to a report released today by Citizens Advice.  In comparison, one in five (22%) access their pensions pots for luxury spending, according to the survey of 501 people aged over 55 who accessed their defined contribution (DC) pensions after April 2015. "The findings of the survey are disturbing," said Intelligent Pensions head of pathways Andrew Pennie. "It is genuinely shocking that a third of those surveyed with pots over £100,000 are cashing out and keeping their mo...

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 Pensions

Women, wealth, and worry: How to close the retirement gender gap

Women, wealth, and worry: How to close the retirement gender gap

Julia Peake explores the retirement gender gap and suggests how it can be closed...

Julia Peake
clock 16 December 2025 • 4 min read
Senior pension figures question HMRC's 7.7 million salary sacrifice uptake figure

Senior pension figures question HMRC's 7.7 million salary sacrifice uptake figure

‘It doesn't take much of an error in those figures to have no benefit whatsoever’

Jenna Brown
clock 15 December 2025 • 8 min read
FCA launches consultation on adapting to a 'changing pensions market'

FCA launches consultation on adapting to a 'changing pensions market'

Outlines regime for digital pension planning tool

Holly Roach
clock 11 December 2025 • 3 min read