Why UK savers withdrew 70bn from retirement pots last year
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Why UK savers withdrew 70bn from retirement pots last year
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"Pension savers in the UK withdrew more than 70 billion from their retirement funds during the 2024/25 financial year, marking a substantial 35.9 per cent increase compared to the previous year, according to new figures from the City regulator. The Financial Conduct Authority (FCA) data has prompted financial experts to suggest that anticipation of potential tax reforms may have influenced some savers' decisions to access their savings. The regulator's report also revealed a slight dip in the proportion of first-time pension accesses where regulated advice"
The Independent emphasizes on-the-ground reporting across issues including reproductive rights, climate change and Big Tech and seeks donations to fund journalists while avoiding paywalls. The outlet highlights investigations such as the financials of Elon Musk's pro-Trump PAC and a documentary spotlighting American women fighting for reproductive rights. Pension savers in the UK withdrew more than 70 billion from retirement funds in 2024/25, a 35.9 per cent year-on-year increase, according to the City regulator. FCA data suggests anticipation of potential tax reforms may have influenced some decisions. First-time regulated pension advice dipped slightly and annuity sales rose 7.8 per cent to 88,430. Andrew King said year-on-year increases are expected as the population ages and more people reach retirement.
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