freedom and choice

Default solutions need to be amended to take account of the changing use of funds at retirement since Freedom and Choice was introduced, Zurich has said.

Withdrawals have hit £10bn barrier

Average amount accessed per person continues to fall

Nearly a million savers could be paying more tax on their pension than required, simply because they have been given the wrong tax code, Royal London has claimed.

Good default options along the whole savings journey are more important than engagement, according to research by the People's Pension and State Street Global Advisors (SSGA).

In her final editor's comment Helen Morrissey says the one constant in pensions has been change.

Pensioners are at risk of paying more tax than necessary by withdrawing over 25% of their fund in one lump sum, a Prudential analysis has found.

Savers using drawdown in retirement are potentially accessing their funds at an unsustainable rate, with money likely to run out within 25 years.

This week's top stories included the ombudsman's ruling that wording in the Local Government Pension Scheme rules did not allow it to retain a fraudster's pension.

Emergency tax codes for one-off withdrawals under Freedom and Choice are leaving savers significantly overpaying on their tax bills, when in many cases they should pay no tax at all.