15th June 2016
A recent article has said;
Of the overall £4.79 billion of pension money accessed in the first three months of the new rules, more than half was paid out in cash, with 48% invested in plans designed to provide regular retirement income.
For the final quarter of the first year of the new rules, of the £3.84 billion accessed, 36% was paid out while 64% remained, of which £1.1 billion was used to buy guaranteed income for life and £1.35 billion was put into income drawdown.
What is unclear is how well informed people are before they access their benefits, the risk of getting it wrong is high, and the promised ‘face-to-face advice’ from the government has fallen short of expectations.
Our view is that you shouldn’t do anything without getting the facts first.
RMB offer a free, at our expense, initial meeting where we can answer many of your questions and concerns, if you need an adviser after that meeting, then we will be happy to be of service.