Savers opt for pensions freedom

Almost a third of savers using income-drawdown plans to access their pension take no financial advice before doing so, according to the Financial Conduct Authority (FCA). Before the pensions-freedom reforms came into effect in April 2015, the percentage was only 5% (partly because access to drawdown was effectively restricted to a narrower, wealthier range of people). Since the reforms, which have made it much easier for savers aged 55 and above to use drawdown schemes, sales of the product have soared. Today, twice as many people opt for drawdown as buy an annuity (which was a big part [...]