pension

More than three-quarters dip into pension pots early

17th May 2024 Consumer Lending | #pension

More than three-quarters of people with defined contribution (DC) pension pots have already dipped into them before retirement, according to Scottish Widows. Analysis of the workplace pension scheme customers’ behaviour, across 232,654 different retirement claim transactions between 2019 and 2023, revealed that only 20% wait until their SRA before drawing down on their pension. The…

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Pension pot of nearly £600,000 needed for a comfortable retirement

30th August 2023 Consumer Lending | #pension

People need to build a pot of nearly £600,000 to enjoy a comfortable retirement, according to Interactive Investor analysis. The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in April 2022, with workers needing to save another £68,700 to generate that amount of annual income. The report…

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Two fifths of younger adults expect to be retired by 60

22nd August 2023 Consumer Collections | #pension#retired

Two-fifths (38%) of adults under 35 years of age say that they don’t plan to work beyond age 60 according to new research by Royal London. Royal London says that despite many workers starting to save earlier as a result of auto-enrolment, future generations have a mismatch between expectations and reality as far as the…

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