Key Retirement comments on the ABI 6 stats for 6 months data

08 October 2015

Dean Mirfin, technical director, Key Retirement said, "The figures from the ABI begin to shed some light on what is happening underneath the headline statistics, however they also point to the potential problems to come. With 60% of lump sum withdrawals being made by the under 60s, are these all from insignificant pots for those with greater provision elsewhere or could we see greater pension shortfall issues for some who are spending ahead of time?

"The problem is that we don't know what we don't know and only time will reveal the full story for the younger age groups who are clearly the current early benefactors of the new reforms."