Huge sums could cascade from pension pots from April which is going to give rise to many opportunities and threats including
a need for good independent financial advice;
employees looking to leave to set up on their own in competition;
dissipation of funds leaving pensioners with insufficient money to live on;
reductions in values of pension funds and future pay outs being revised downwards.
Hymans Robertson, the independent pensions and risk consultancy, has estimated that £6 billion will be taken out of pension pots in the first 4 months from April. This is due to the new pension flexibilities that allow individuals to access their DC pension pots from age 55.