The latest figures on retirement income from the Financial Conduct Authority (FCA) raise concerns about the long-term sustainability of pension payments, according to Just Group group communications director Stephen Lowe.
The figures, released on Tuesday (29 September), showed a 3.3% rise in the number of pensions being accessed for the first time and a 5.1% rise in the number being fully withdrawn. Of the 673,831 pensions accessed in 2019/20, more than half (56%) were fully withdrawn, up slightly from 55% in the previous 12 months. With that said, those with pension pots worth less than £10,000 were significantly more likely than any other value category to withdraw their entire pension. Figures relating to those taking more than 8% of their pension per year were on the up by 2%. Taking more than 8% p...
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