£250m of pension pots spent on housing

‘Official figures suggest that £1bn has been transferred from people’s pensions since new rules were introduced two months ago. Some £250m has been spent on holidays and cars by savers cashing in their pension pots and a further quarter of a billion has been put into the property market or home improvements, according to Hargreaves Lansdown, which analysed the figures.

Source: The Times’

Granny said I must never say “I told you so”: but this is exactly what many people warned Gorgeous George would happen. The evidence suggests that a significant number of people seem to regard the opportunity to draw funds from their pension pots as more akin to a lottery win than to responsible financial planning. Perhaps those pension funds which are alleged to be dragging their heels in facilitating withdrawals will actually be seen in time to be doing their investors a favour.

NICOLA HALL

BILSHAN MENSAH

Sam Inkersole

In 2022, Sam won the Taxation’s Rising Star award at the Taxation Awards in and was named in the Accountancy Age 35 Under 35.

Jon Wedge

While Jon’s client work focuses on the financial services sector, he also oversees the firm’s assurance service, as well as supporting the trainees following in his footsteps.

ELANA DIMMER

Elana joined us in 2017 as an ACA trainee, after graduating from Durham University where she had studied languages. She is now a manager in our assurance team.

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