Pension Freedoms

Thousands of savers taking tax-free lump sums ahead of retirement are at risk of a pensions shortfall in later life due to neglecting their remaining pot, Zurich has warned.

Capping the pension tax-free lump sum at £40,000 would raise £2bn a year for the government, new research by the Resolution Foundation suggests.

Pension drawdowns are becoming "increasingly common", according to Just Group's Stephen Lowe, as the latest HM Revenue & Customs (HMRC) figures show £2bn was withdrawn from pension schemes in the third quarter of 2018.

The UK must do more to address its ageing demographics, says Mercer, as its global pension index shows the country static in its rankings.

Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).

Prudential has agreed an annuity referral partnership with Hub Financial Solutions as part of the provider's plan to widen the range of products and services available to its customers.

This week's stop stories including British Airways' pension scheme members demanding a meeting with trustees over the time taken to decide whether to appeal a recent court judgment.

A record £2.3bn was withdrawn from pensions under Freedom and Choice in the second quarter of this year, according to HM Revenue & Customs (HMRC).

One in 10 of this year's retirees will take their entire pension pot as a lump sum, Prudential's 'Class of 2018' research finds.

The government has rejected the Work and Pensions Committee proposal to introduce a 'default decumulation pathway' at retirement.