Industry split on retirement advice for all to ensure good outcomes

The review, published on 12 June, said 53% of pension pots accessed by consumers since the pension freedoms were fully encashed, though 90% of those had a value of below £30,000. It also found more than half (52%) of withdrawn pots were moved to other savings or investments and warned this could result in "consumers paying too much tax, missing out on investment growth or losing out on other benefits." As was expected, drawdown became a popular choice post-reforms. However, consumers are increasingly accessing drawdown without taking advice, the FCA found.  In order to address thes...