ICR 106: Sensible pension pot withdrawals
In this episode of Informed Choice Radio, Martin talks about making sensible withdrawals from your pension pot.
There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.
Sensible pension pot withdrawals
Earlier this week, the Association of British Insurers, the ABI, published the first full year of data since pension freedoms began in April 2015.
These figures show that most people are being sensible about pension withdrawals.
They found that over half of people withdrawing money from their pots in the first three months of 2016 took out 1% or less of their value.
However, more than 3,000 people took out more than 10% of the value of their pension pots during this time.
In this episode of the podcast, we hear from Nick Bamford of Informed Choice, Jamie Jenkins of Standard Life, and Fiona Tait of Royal London to get their views on these new ABI pension freedom figures.
Personal finance news update
-Retail sales were up by 5.9% in July compared with the same month last year, boosted by warmer weather.
-Accountants and advisers face new tougher fines for helping their clients bend tax rules to gain a tax advantage.
-Regulated rail fares in England and Scotland will rise by 1.9% next year, following the publication of the latest price inflation figures.
-Savers face lower returns after one of the most competitive savings accounts slashed its interest rate in half.
-New official figures show house price inflation was up by 8.7% in the year to June.
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