The Financial Conduct Authority (FCA) is writing to all pension providers requesting data on how customers are accessing their retirement pots in the wake of the pension ‘freedoms' rolled out in April.
The retirement reforms resemble a "botched DIY job" according to the Trades Union Congress (TUC), as the government comes under fresh attack for its implementation of the pension ‘freedoms'.
The Chancellor has told the House of Commons 60,000 savers have taken out a total of £1bn since April, when pensions freedom came into effect.
Chancellor George Osborne is to begin selling the government's 80% stake in Royal Bank of Scotland at a loss, saying any further delay could jeopardise the economy.
Will the Chancellor pull one more pension rabbit from his hat?
New pensions minister Ros Altmann has said she is hopeful existing annuitants will get the opportunity to sell their right to an income for a lump sum.
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The Chancellor George Osborne is set to take the unusual step of delivering two Budgets in the same year after announcing plans to keep the promises the Conservatives made prior to winning the general election.
Annuitants drawing an income from small retirement funds are most likely to sell their contracts, among those in favour of proposals permitting them to do so, according to research.