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PENSIONS: Over-55s lead charge to cash in pensions

People are spending their pensions as early as ever as people in their 50s use the money available under pension reforms to make home improvements, go on holiday or pay off their mortgages.

Information from 95 of the largest pension companies found:

  • 35% of those withdrawing money are aged under 60, against approximately 22% before the pension reforms were introduced
  • Just under 35% are aged between 60 and 64
  • 23% between 65 and 69
  • 7% are aged over 70

Source: www.telegraph.co.uk

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