Maike Currie, VP Personal Finance at PensionBee, said: “More than a decade on from former Chancellor George Osborne’s pension freedoms, the reality looks rather different from the caricature of retirees buying Lamborghinis. Instead, many people are increasingly using pension tax-free cash lump sums to bridge rising living costs, supplement income while still working or cover major life expenses.
“Pension freedoms undoubtedly gave savers greater flexibility and control, but it has also transferred significantly more responsibility and risk onto individuals. This risk taken together with most people simply not saving enough in the first place, means there is a real danger that the flexibility that comes with pension freedoms will become tomorrow’s retirement crisis.”
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