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The best pensions advice? Check who’s advising you

How new freedoms triggered a proliferation of bad guidance

Image: Pixabay

When does it make sense to give up a guaranteed, inflation-proof income for life and swap it for a lump sum today? On the face of it, recent history suggests the answer for a lot of people is quite often. Over the past four years, around 400,000 people have taken advantage of the “pension freedoms” that came into force in 2015 to cash in “final salary” schemes provided by present or former employers. Tens of billions of pounds have been transferred to so-called “defined contribution”…

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