5% more people accessed their pension funds in the 2022-23 financial year due to rising living expenses, with over half cashing out entirely.

5% more people accessed their pension funds during the 2022-23 financial year, according to the Financial Conduct Authority (FCA). This increase is attributed to individuals facing escalating living expenses. A significant percentage of these accessing pension funds (over half) opted to cash out the entire amount, possibly due to financial hardships. Annuity sales experienced a decline, but recent data shows signs of recovery.

April 16, 2024
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