Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), Office for National Statistics (ONS) data reveals.
The payments made comprised of pensions payable gross of income tax, lump sums payable on retirement and death benefits. According to the ONS's MQ5: Investment by insurance companies, pension funds and trusts April to June 2018 document unveiled today, in Q1 2018, £13.9bn of payments were made, and £12.7bn of contributions were received among the funds which were involved in the study. The MQ5 data looks at the investment choices of insurance companies, self-administered pension funds, investment trusts, unit trusts and property unit trusts that control £4trn of assets and engage in c...
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