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:


Proportion of savers who have accessed their pension pot who have spent it all


Proportion of those who paid for advice on withdrawing money from their pension


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


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The Week in Numbers

The Week in NumbersWebsite Photos 062

£15bn – Potential annual cost of maintaining the state pension triple-lock, according to the institute for fiscal studies

47% Size for the stake in Tenet owned by the enlarged Aviva/Friends Life Group. Money Marketing reveals this week that Aviva is considering selling its stake in the network.

37% Drop in annuity sales seen by Just Retirement in Q1

56 number of seats won by the SNP in Scotland, out of a possible 59.

326 – number of seats needed for a majority in the House of Commons. The Conservatives stunned the pollsters last week by securing 331 seats

£1.4bn – level of premiums written for unit-linked guarantees at their peak in 2012. Industry experts have branded the products ‘almost criminal’ and argue changes are opaque.

3 – number of party leaders who quit in the wake of election results. UKIP leader was reinstated as leader after the part refused to accept his resignation

£1.2bn – Size of the legacy annuity book to be transferred from Zurich UK Life to specialist insurer Rothesay Life for an undisclosed sum.


Originally published in Money Marketing magazine 14th May 2015
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Snap Shot Headlines 16th April 2015

“Just Retirement Offers Simplified Advice Service”

aiming to provide a service for individuals who need advice on their retirement planning but have smaller pension pots. They will provide a telephone based advisory service which will include offering clients personal recommendations such as whether to keep their funds invested, take a lump sum or generate an income. According to Just Retirement Director, Stephen Lowe, the service is aimed individuals with “straight forward needs” . Fees for the service have not yet been disclosed.

Original article by Sam Broadbeck


“Uk Dodges deflation… but only for now”

The Consumer Price Index stayed at 0% last month following the surprise drop from 0.3%. But concerns are arising from low clothing prices and weak food prices, dragging the core inflation level lower. It dropped to a nine-year low in the latest data from the ONS. This could mean that consumers see a clear improvement in their purchasing power of the next few months.

Original article by Laura Suter


“Private Equity Firms eye £100m 7IM”

The wealth manager and asset management firm founded in 2001 by Justin Urquhart Stewart and Tom Sheridan was reported to be looking into a potential sale in February. Originally it was valued between £50m and £60m but it could be valued significantly higher at £100m and above. The firm initially began with a handful of employees, has now grown to around 170 with £8bn of assets.

Original article by Tessa Normanleft laptop


Articles originally published in MoneyMarketing magazine 16th April 2015

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