Well over half of UK retirees 58% with defined contribution pensions have withdrawn part of their pot, according to new statistics for last year from the Financial Conduct Authority. And 18% had taken it all out. Conventional wisdom is that a large chunk of the cash involved has been spent on fulfilling long haboured travel wishes. But the research suggests at least some of those longed for trips have been stymied by the increased premiums insurers charge older people with pre-existing medical conditions. It also shows the median amount of cash and invested savings for three silver age groups – 55-64, 65-74 and 75+. The invested amounts were, respectively, £20,000 to <£30,000, £30 to <50,000 and £50,000 - <£75,000.
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