The FOMO-fuelled run on the pensions bank – where the Treasury is the only winner

Here at @sipp, we've noticed elevated tax-free cash withdrawals this month for the second year running. Thankfully, most of the transactions we've seen have involved an advised recommendation. But we also know from overall market data that this is not the norm. Less than a third (30.6%) of pension plans accessed for the first time involved regulated advice; and over the same period, tax-free cash withdrawals increased by around 63%. This in effect must mean that a frightening number of ordinary savers are making one of the single biggest financial decisions of their lives largely on i...