freedom and choice

Savers have invested more in regular income products than just taking cash since the April pension freedoms, according to the Association of British Insurers (ABI).

Pension transfer requests out of defined benefit (DB) schemes doubled after the relaxation of defined contribution (DC) retirement processes, according to research from one provider.

Royal London has urged the Financial Conduct Authority (FCA) to increase awareness of the tax implications of cashing out a pension pot at retirement.

Many employers are failing to help workers make retirement decisions, with three in ten not knowing where employees were getting information on the April pension reforms, according to research.

Royal London experienced growth of 61% in its drawdown business during the first half of the year amid demand created by the pension freedoms unleashed in April.

Phoenix Life has backed down from demanding a saver get financial advice before it would release his £13,300 pension pot.

Workers believe the tax treatment of pensions is too complex and would welcome switching to a system that treats pensions like ISAs, according to research from PwC.

Proposed changes to European pension rules would make it harder for employers to change their defined contribution (DC) provider, according to Towers Watson.

Fraudsters targeting pension pots in the wake of freedom and choice reforms are increasingly linking their efforts to investment scams such as fine wines and overseas property, Citizens Advice has warned.

Individual annuity sales at Legal and General (L&G) have fallen by more than half this year, and its bulk annuity business has failed to pick up the slack, figures show.