Pension freedom gives you choices but proper guidance is crucial

Figures from HMRC show that in the third quarter of the year 2019, 327,000 people accessed their retirement savings.

Retirement savings that were worth a total of £2.4 billion.

According to HMRC, this was a 27% increase in the number of people taking cash from their pensions compared with the third quarter of 2018.

Pension freedom regulation was introduced in April 2015 –  and since that time a total of £30.74 billion has been drawn from pension funds.

There is no doubt that this freedom has enabled people to make far more flexible use of their pension cash, but the onus is now on the individual to fully understand and control their pension pot, and the Financial Conduct Authority (FCA) has “expressed concern” that some people are not properly investing, leaving them potentially short of funds for their retirement.

It is always, always best to seek advice when it comes to your pension, and your plans for retirement.