Daily Mirror (Northern Ireland)
72% RAID THEIR PENSIONS EARLY
Fears sparked by savings plunder
ALARM bells are ringing in the pensions industry with fears people are raiding cash too early.
The Financial Conduct Authority found that 72% of savings accessed in the past two years were for people under the age of 65.
More than half of pension pots – 53% – have been fully withdrawn.
Freedoms that came into effect just over two years ago give more flexible access to savings from the age of 55.
But there are fears that mistrust of the industry is pushing people to empty their pots. This could mean that if they burn through it, they will rely solely on a state pension. Experts also worry that people are putting big sums into risky investments, or other savings or investments that could land them with a higher tax bill.
Tom Mcphail, of investment and pensions firm Hargreaves Lansdown, said: “This report looks like a regulatory cry for help. The FCA WEARING Princess Diana’s signature tiara, the Duchess of Cambridge dazzles as Britain rolled out the red carpet for the Spanish state visit.
Kate and William joined the Queen and Prince Philip as they hosted King Felipe VI and Queen Letizia for a banquet at Buckingham Palace.
It is the third time Kate, 35, has worn the pearl and diamond Cambridge Lover’s Knot, given to Diana as a wedding present by the Queen.
The duchess teamed the tiara with a dress by Marchesa and a necklace borrowed from the Queen.
Charles, Camilla, Harry and Theresa May also attended the banquet last night.
King Felipe was given Britain’s highest chivalric honour when the Queen made him a Knight of the Garter.
It is the first state visit here by a Spanish monarch since 1986. It is likely to be Philip’s last before he retires from public duties this autumn. seems to be trying to put the pension freedom genie back in the bottle.” Andrew Tulley, of Retirement Advantage, said: “Moving money from a tax-efficient pensions environment into other savings or investments is bonkers.”
Only one in 10 people are using the Government’s free Pension Wise service to explore their options. Christopher Woolard, of the FCA, said: “We have identified areas where early intervention may be needed now or down the track to put the market on the best footing.”