Nearly half of retirees eating away 8% pa of unsustainable pension pots

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Nearly half of retirees eating away 8% pa of unsustainable pension pots

The number of people taking regular pension withdrawals are at an unsustainable rate according to the just published UK regulator FCA's Retirement income market data for the year 2020/21. Nearly half (43%) of regular withdrawals were taken out at an annual rate of 8% or more of the pot value, up from 42% in 2019/20. Jon Greer, head of retirement policy at Quilter, said : "While the number of pensions being fully cashed out at the first time of asking is decreasing, it still makes up the...

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