Fallout from COVID as number of people accessing pensions continues to rise
Helen Morrissey comments on today’s (29 January) Flexible Payments from Pensions data.
"“While the number of people accessing their pensions continues to rise the average amount being taken continues its downward trajectory. While this may point to people taking a measured approach to taking their retirement income we cannot discount the potential impact of COVID with more people having to access their pensions to either supplement their own income or help out family members who have been negatively affected. Depending on the life stages of those withdrawing money there may be a looming black hole in the nation’s pension savings.”
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About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.