Stephen Lowe

The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.

Savers withdrew £9.4bn flexibly from their retirement pots during 2020, data released by HM Revenue & Customs (HMRC) has shown.

Simpler retirement ‘wake-up packs’ are not encouraging pension savers to take up free guidance, according to the Financial Conduct Authority (FCA).

Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.

Savers accessing defined contribution (DC) pension pots for the first time rose to an all-time high just before the coronavirus pandemic, Just Group says.

The latest figures on retirement income from the Financial Conduct Authority (FCA) raise concerns about the long-term sustainability of pension payments, according to Just Group.

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.

Females can expect to live a greater number of years in poor health than males, according to data from the Office for National Statistics (ONS) for 2015 to 2017.

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common", according to Just Group's Stephen Lowe, as the latest HM Revenue & Customs (HMRC) figures show £2bn was withdrawn from pension schemes in the third quarter of 2018.

Retirees could benefit from more sustainable income and higher death benefits by including guaranteed income in the asset mix of their portfolios at retirement, according to research by Milliman.