FCA retirement outcomes review: Half of pots accessed fully withdrawn

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. What's more, 94% of consumers making full withdrawals had other sources of retirement income in addition to the state pension, the FCA found. Interestingly however, the regulator also found 52% of fully withdrawn pots were not spent but were moved into other savings or investments. Some of this was due to a lack of public trust in pensions, it said, warning this could result in "consu...