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.