The total number of defined benefit (DB) transfers dropped 28% to 40,600 in 2019/20 amid a crackdown by the FCA, new data reveals.
· Almost 200,000 people chose to keep their pension pot invested via drawdown last year, broadly in line with the previous year’s figures
o Some 42% of withdrawals were at a rate of 8% or more – although this figure doesn’t take into account other pensions, wealth or income sourceso The number of pension plans emptied at the first time of access rose 5% to 375,500 – but 9 out of 10 of these were pots worth less […]
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