More than half of people tapping pensions cash them out in full
141.00 ₹
Published date: August 26, 2024
- Location: 9216, Tusket, Auvergne-Rhône-Alpes, Switzerland
More over-55s are tapping their pensions and over half are cashing them out entirely, new official figures reveal.
Nearly 740,000 pension funds were accessed in the 2022-23 financial year, up around 5 per cent from the year before, as people struggled to pay household bills in a period of rising inflation.
Some 56 per cent of pots are being cashed in full - the majority of them worth £10,000 or less, according to new data from the Financial Conduct Authority.
Meanwhile 36 per cent were invested in a drawdown plan and https://bangcacloai.com/ 8 per cent were used to buy an annuity in the year to October 2023.
Tapped: There has been a 5% rise in the number of pensions being cashed out, FCA data shows
Sales of annuities fell nearly 14 per cent to around 59,200, despite better deals coming on the market as interest rates started to rise.
Nearly 740,000 pension funds were accessed in the 2022-23 financial year, up around 5 per cent from the year before, as people struggled to pay household bills in a period of rising inflation.
Some 56 per cent of pots are being cashed in full - the majority of them worth £10,000 or less, according to new data from the Financial Conduct Authority.
Meanwhile 36 per cent were invested in a drawdown plan and https://bangcacloai.com/ 8 per cent were used to buy an annuity in the year to October 2023.
Tapped: There has been a 5% rise in the number of pensions being cashed out, FCA data shows
Sales of annuities fell nearly 14 per cent to around 59,200, despite better deals coming on the market as interest rates started to rise.
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141.00 ₹
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