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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.

 

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