More than half of retirement pots accessed under pension freedom rules have been fully withdrawn, the Financial Conduct Authority confirmed in its interim retirement outcomes review.
Published on 12 July, the report said 53% of pension pots accessed by consumers since the rules came into force in April 2015 were fully encashed, however 90% of those were below the value of £30,000....
'Doubling up' workload
Know your history
£34.2bn transferred last year
£57,000 fine and £825,000 contribution to investigation