Bulletin

Later-life entrepreneurs will use pension pots

Sterling Cash

A study commissioned by Axa Wealth from Trends Research reveals that 10% of the UK's wealthiest over-55s are thinking of drawing on pension funds to start a business following new pension reforms. The research predicted that more than 500,000 'later-life entrepreneurs' could start up a firm or go into consultancy. The 1,500 over-55s surveyed had all expressed an interest in business management. Their average pension pot was £550,000. Of those considering withdrawing money to invest in a new firm, half intended to use their 25% tax-free sum to fund a start-up. Axa said that in the South-West, 22 tea shops and restaurants were being considered by those surveyed, and 25 new production facilities in the Midlands.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

Other Articles

The new Apprenticeship Levy could help transport and logistics companies solve their recruitment problems and equip their workforces with…

Cornwall is a land steeped in legend but this salty business success story is no myth.

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Travelstar European Ltd, one of the West Midlands’ leading coach hire companies, has moved to larger premises in Portland Street, Walsall,…

An experienced early years practitioner in Devon has secured the future of a local nursery by acquiring the business in addition to their…

Where Next?