How Britain’s great final salary pension cash-in is grinding to a halt

The Telegraph, Saturday 2 June 2018

Britain’s great final salary pension cash-in is grinding to a halt, new figures show.

Although the past year has seen an unprecedented increase in the number and value of gold-plated pensions being swapped for cash lump sums, the most recent figures show a marked slowing.

It is thought that more than 100,000 people quit final salary schemes in the 2017-18 tax year alone, cashing in an average of £200,000 a time.

But high-profile scandals, including the cases of hundreds of steelworkers who believed they were wrongly convinced to cash in company pensions, have caused a rapid retrenchment to just 20,000 in the first quarter of this year...

...Telegraph Money reader Ian Handley paid around £5,000 to a specialist advice firm, Tideway, for arranging the transfer, and ongoing fees of 1pc a year in total to Tideway and Charles Stanley, a wealth manager, which jointly manage the pension pot.

Giving up a guaranteed income is “not for everyone”, he conceded, “but people should have the freedom to decide – for me it’s been brilliant”.

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