Billions in pension freedom cash 'flows into bank accounts'

The provider said its analysis showed £3bn of pension money was now "languishing" in low yielding bank accounts. It added people who had made such transfers now faced a tax "double jeopardy" on withdrawals and well as low returns.  The analysis also found just a quarter of the £17.5bn released via pension freedom had been spent on day-to-day living (£4.7bn) despite pensions usually being in place to support later life.  The investment platform said its statistics were based on a survey of 370 people who have accessed their pension flexibly since April 2015. It then applied the results...