Tasting the Freedoms: savers have spent the money or held it in cash
The Pensions and Lifetime Savings Association has published its latest wave of research on patterns in retirement following the reforms.
Of those adults aged 55-70 surveyed, the majority, 63%, had started to look at how they would take their pension, and 23 per cent had done nothing.
Of those that accessed their pension, 18 percent spent it all and 19 per cent saved or invested their pension pot. Of those who saved their pension, 23 per cent put it into a savings account and a further 20 per cent paid their pension into a cash ISA.
The Numbers:
18%
Proportion of savers who have accessed their pension pot who have spent it all
25%
Proportion of those who paid for advice on withdrawing money from their pension
73%
Proportion of those who are weighing up how to access their pension who plan to go to their provider
Information taken from an article in Money Marketing Magazine 4th February 2016
