Latest figures from HMRC have revealed that 360,000 people withdrew from their defined contribution pensions throughout October, November and December 2020 which is a 10% increase on the same period last year.
These uncertain times are often seen as a window of opportunity for scammers looking to prey on vulnerable individuals, with a recent report by Action Fraud finding that pension scams had become one of the most common types of fraud to occur last year.
Global equity markets continue to move higher given the potential reflation of the global economy – no doubt helped by the $1.9tr US fiscal stimulus package that is currently working its way through Congress, coupled with the better-than-expected company result session and the rapid rollout of coronavirus vaccines.
Jonathan Watts-Lay, Director, WEALTH at work, urges people to only withdraw from their pensions early as a last resort
Latest reports from The Office for National Statistics have indicated that Covid-19 is continuing to drive job losses across the UK.
New pension rules will come into force from the 1 February 2021 for those approaching retirement under Financial Conduct Authority (FCA) regulation.
Retirement plans for 2021 have changed for many due to the pandemic. Whilst some have decided to put their retirement on hold due to their savings taking a hit because of Covid-19, others are deciding to retire early after being discouraged about finding employment again when faced with redundancy.
We would like to take this opportunity to wish you all the best over the festive season and a prosperous New Year
WEALTH at work has written a list of ‘New Year financial resolutions for uncertain times’ to help people take control of their finances in 2021.
Jonathan Watts-Lay highlights some of the things to consider before taking money from your pension early, and explains why it really should only be a last resort.
