People accessing their savings through pensions freedom are continuing to extract money from their retirement pots to put it into unfavourable bank accounts with £3bn transferred so far, analysis from AJ Bell has found.
The provider said its analysis showed £3bn of pension money was now "languishing" in low yielding bank accounts. It added people who had made such transfers now faced a tax "double jeopardy" on withdrawals...
Vitality at Work scheme
Reporting to Steve Hill
Appointed on 19 September
Plans to double size in five years
Unnamed company valuation reduced