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Many UK retirees seen using pension freedoms to get cash

Many UK retirees seen using pension freedoms to get cash

Research by UK insurer Royal London has found that nearly 70% of savers who have taken advantage of the government's new pension reforms since April have taken their money in a cash lump sum. In a survey of 800 customers Royal London said it found that while 16% of clients said they would use the money to clear other debts such as a mortgage, only 32% intended to reinvest the funds in an alternative savings or investment vehicle. A further 25% said they would simply put their money into a bank, building society or cash ISA account. Please link to International Adviser to read the full article by Richard Hubbard.

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