Budget spooked Royal London savers who pulled £400m from retirement funds
Savers pulled £400m from retirement funds at Royal London last year amid uncertainty over the Budget, the mutual said.It followed speculation over possible changes to the rules on tax-free lump sum withdrawals. They ultimately did not take place, but Royal London said many savers were 'not on track for an adequate level of retirement income'.It added: 'Fiscal uncertainty, particularly in the run-up to the Budget, has also meant that more customers have accessed their pension savings early.' Uncertainty: Savers pulled £400m from retirement funds at Royal London last yearIt follows the disclosure by investment platform AJ Bell that its savers pulled about £600m from their pension pots before the Budget. Royal London reported an 18 per cent increase in operating profit to £327m.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Budget spooked Royal London savers who pulled £400m from retirement funds
