Two pots: fund members must understand the implications of withdrawals
Money in the savings pot should be withdrawn only as a last resort, for absolute financial emergencies.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read moreMoney in the savings pot should be withdrawn only as a last resort, for absolute financial emergencies.
Administrators are concerned there is not enough time for financial advisers and members to understand the implications of the changes.