Pen­sion cash goes on home

Midweek Sport - - NEWS -

HOME im­prove­ments and the need to pay off debts are among the main rea­sons for peo­ple cash­ing in their pen­sion pots in the first six months of the new re­tire­ment free­doms.

Pen­sion firms also said there has been “no mad rush” by peo­ple to empty their nest eggs, with many con­sumers tak­ing a “do noth­ing” ap­proach.

Stan­dard Life said that just 6% of its el­i­gi­ble cus­tomers have made use of the pen­sion free­doms since they came into force on April 6.

Among those who have with­drawn some or all of their cash, the most fre­quent rea­sons so far have been for home im­prove­ments, re­pay­ing a debt or mort­gage, the de­sire to have an emer­gency fund in the bank, to pay for a spe­cial oc­ca­sion – like a hol­i­day or a wed­ding – and to help chil­dren on to the prop­erty lad­der.

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