Pension Freedoms

Further reforms to pension freedoms are needed to ensure the long-term success and sustainability of pension freedoms, according to the Association of British Insurers (ABI).

A review of how the general levy is calculated must be undertaken by the Department for Work and Pensions, 70% of this week’s 90 Pensions Buzz respondents said.

Over £30bn has been withdrawn from pension pots since Freedom and Choice was introduced in 2015 for those aged over 55, according to latest data from HM Revenue and Customs (HMRC).

XPS Pensions Group has revealed 70,000 defined benefit (DB) members are exercising pension freedoms each year, suggesting more education is needed to ensure better member outcomes.

Members of occupational pension schemes claimed £4.3bn in pensions tax relief in 2017/18, as total relief climbed £1.1bn.

The vast majority of pension scheme members who use Pension Wise have demonstrated clear knowledge about pension freedoms when questioned on specific facts.

Collective defined contribution (CDC) savers should be allowed to access pension freedoms when the scheme is rolled out, last week's Pensions Buzz respondents said.

The government should invest in a bespoke survey on attitudes to work and pensions to avoid "missed opportunities", a feasibility report has concluded.

More than one million people aged over 55 are now subject to harsher pension contribution limits as a result of using the pension freedom rules, Just Group research has found.