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.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
A record £2.3bn was withdrawn from pensions under Freedom and Choice in the second quarter of this year, according to HM Revenue & Customs (HMRC).
HMRC figures published on Friday suggest almost £17.5bn has been flexibly withdrawn since the inception of pension freedoms, but that figure is not reflective of 'the bigger picture', according to one industry expert.
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Just under 200,000 people accessed their pensions using Freedom and Choice in the third quarter of the year, HM Revenue and Customs figures have revealed.
Research commissioned by Just has found that 75% of people believe financial guidance or advice should be compulsory when deciding how to use pension benefits.
Withdrawals have hit £10bn barrier
Flexible payments from pension rose to £5.7bn in 2016 as people increasingly sought to take advantage of the freedoms, according to HM Revenue and Customs' (HMRC) figures.
'Annuity comparator' tool to be established