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...

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