New analysis from leading online pension provider, PensionBee, reveals that self-employed savers are choosing to keep their savings invested despite rising inflation. The average quarterly withdrawal amounts for the online pension provider’s self-employed customers declined by over a quarter (28%), from £23,633 in H1 2021 to £16,963 in H1 2022. |
Despite this noticeable decrease in average quarterly withdrawal amounts, the proportion of eligible self-employed customers (aged 55 and over) who made withdrawals remained the same from H1 2021 to H1 2022. PensionBee’s latest data highlights a broad adoption of a more cautious approach to withdrawals, as savers hope to make their money stretch further for longer. In general, the average PensionBee customers' withdrawal amount fell by 14% from £16,749 in H1 2021 to £14,393 in H1 2022. Male savers continue to make significantly larger withdrawals compared to females (as seen in Q1 2022), with their average withdrawal amounts totalling £16,088 in H1 2022, compared to females who withdrew £9,881 in H1 2022. Romi Savova, CEO of PensionBee, commented: “Retirees are facing a tough balancing act, between accessing the money they need for today and withdrawing at a sustainable rate so their pension lasts for the whole of their retirement. Given the tough current economic climate, it’s encouraging to see our customers choosing to keep as much of their pension invested as possible - as this is one of the few ways to protect its value against rising inflation.
As always, timing is crucial with pensions, so I would encourage all savers to make an informed decision on when they choose to access their savings, as this can have a significant impact on their overall retirement income.” |
|
|
|
Pensions Data Science Actuary | ||
Offices UK wide, hybrid working - Negotiable |
Head of Pricing | ||
London - Negotiable |
Global Specialty Pricing Actuary | ||
London - £95,000 Per Annum |
Client-facing DC investment manager | ||
London / hybrid 3 dpw office-based - Negotiable |
Financial Risk Leader - Bermuda | ||
Bermuda - Negotiable |
Aylesbury Actuaries | ||
Aylesbury / hybrid 3dpw office-based - Negotiable |
Make an impact in protection pricing ... | ||
London / hybrid 2 days p/w office-based - Negotiable |
BPA Implementation Manager | ||
North / hybrid 50/50 - Negotiable |
Head of Reserving | ||
London - £160,000 Per Annum |
In-force Longevity Actuarial Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Make a difference within reinsurance ... | ||
London / hybrid 2 dpw office-based - Negotiable |
Be at the cutting-edge of life & heal... | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Develop your career in life reinsuran... | ||
London / hybrid 2 dpw office-based - Negotiable |
Protection Pricing Actuary - Life Rei... | ||
London / hybrid 2 dpw office-based - Negotiable |
Life (Re)insurance Pricing Manager (P... | ||
London / hybrid 2 dpw office-based - Negotiable |
Take the lead: life & health reinsura... | ||
London / hybrid 2 dpw office-based - Negotiable |
Pricing Tools and Systems Developer | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Actuary | ||
London / hybrid 2 dpw office-based - Negotiable |
Shape the future of longevity | ||
London / hybrid 2 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.