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Follow on Google News | Prudential reports retirement income worries and lump sum regrets for pensionersPrudential has reported that 43 per cent of pensioners live a ‘cautious’ retirement to conserve money with the majority taking a tax-free lump sum from their pension fund when they retired.
By: Prudential However, despite concerns about making their retirement pots last, the majority of pensioners still take a tax-free lump sum from their pensions (http://www.pru.co.uk/ The research, exploring the retirement (http://www.pru.co.uk/ For many, the option to take a lump sum at the point of retirement is the most tax-efficient way to access some of their pension fund. However, the way in which pensioners use the money from their lump sum is often shaped by concerns around long-term pension income (http://www.pru.co.uk/ Vince Smith Hughes, Head of Business Development at Prudential, said: "Most people with a company or private pension (http://www.pru.co.uk/ "There is no one-size-fits- "There does, of course, need to be a balance. Many people want to spend their at-retirement lump sum in a way they have looked forward to for many years. Those who are planning to retire in the near future and are uncertain about their financial choices should seek regular professional financial advice, to ensure they secure the long-term retirement income they need." Prudential's research has previously found that of those who took a lump sum from their pension pot at retirement, a third (33 per cent) used all or part of it for home improvements, 31 per cent paid for a holiday, and two in five (19 per cent) bought a new car. - ENDS - Sources: - Retirement attitudes and pension lump sum research 2011 conducted online by Research Plus between 24 and 28 February 2011 among 1,001 UK retired adults. - Pension funds lump sum research 2008 conducted online by YouGov between 2 and 6 May 2008 among 4,051 UK adults, 1,003 of whom were retired. About Prudential: 'Prudential' is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including annuities, life assurance, bond investment, a tax calculator and retirement plans, which include pension plan (http://www.pru.co.uk/ Media enquiries: Ben Davies 3 Sheldon Square London W2 6PR 020 7150 3017 www.pru.co.uk End
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