According to the Financial Conduct Authority (FCA) some pensioners could receive 37% more retirement income every year by investing rather than cashing in.
They have also advised that workers should be given more guidance on what to do with their pension and could be potentially start send Wake Up packs from the age of 50.
In April 2015 new pension reforms came into place, Now savers can cash in their pension from the age of 55, By September 2017 around 1.5 million pension pots had been accessed.
A lot of people who access their pension stay with the same provider, by changing provider consumers could increase their income by 13% however many of these changes are complex and hard to compare, At Baggette and Company Wealth Management our experts can explain everything you need to know in relation to retirement and your pensions in a clear and transparent manner.
Information form: https://www.bbc.co.uk/news/business-44640877
