People should be 'auto-enrolled' into Pension Wise guidance when looking to access their pension pots as research suggests an increasing reliance on pension money to fund everyday lives, provider Just has warned.
Just referred to figures from HM Revenue and Customs (HMRC), which found more than £10bn had been accessed flexibly since the introduction of pension freedoms in 2015, with the highest number of people accessing their pensions flexibly in Q1 this year. The group said the fact an increasing number of people were withdrawing small amounts from pension pots indicated a growing reliance on withdrawals to fund day-to-day living costs. It pointed to another report from YouGov - The Impact of Pension Changes - that found the number of those aged 50+ who used withdrawals for everyday expenses...
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