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 8 per cent were used to buy an annuity in the […]
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