Under the new pension freedom rules, people can easily take one-off pension withdrawals from their funds. In fact, says the Telegraph, 242,000 people did so last year, and most had tax deducted from their payments under HMRC rules at rates assuming they would take the same amount every month for the rest of the tax year.
Financial planners are urging grandparents to give grandchildren enough capital for the deposit on a home, says the Times. The 4.5 million Britons aged over 65 collectively own over £1.07 trillions worth of property and most say they are worried about financial prospects for the younger generation (millennials).
Millions of savers have no idea whether the fund in which their pension funds are invested is any good, says the Times, citing recent research. This showed that many insurers are among those whose funds are in the doghouse, having earned consistently poor returns.