
Figures from HMRC have revealed that, 159,000 people have accessed ?1.7bn flexibly from their pension pots since April 2016. This means a total of ?6bn has been accessed by 772,000 since the reform was introduced in April 2015.
However, this declaration of success comes against a backdrop including a warning from MPs that the new pension reforms could become the next mis-selling scandal and a BBC Panorama special shining a light on the growing number of unregulated companies which are reportedly taking advantage of new freedoms by encouraging savers to invest their money unwisely. When Osborne lifted the lid on one of the most dramatic pension reforms in recent times, he effectively created a system whereby those retiring no longer have to buy an annuity to provide a fixed, regular income. Rather, each can have access to 100 per cent of their pension pot ? and then decide what to do with it. The episode of Panorama, first shown on 11 July, met victims whose retirement plans had been ?destroyed?, heard from experts about how to spot the warning signs and watched one ?scam? unfolding from beginning to end. Read more about pension reforms:- Can “pension freedom” boost enterprise? The options available for business leaders
- One in seven over-55s have been targeted by fraudsters since launch of pension freedoms
- Pension changes open floodgates for possible savings splurge
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