Over the last few years, the Financial Conduct Authority has been very clear it is keeping a close eye on the advice given when someone decides to take a retirement income.

Earlier this year, it published its review into this area.

It discovered no systemic issues with advice firms but wasn’t completely happy with the consistency of how many advisers were approaching this area of advice. Particularly around record keeping.

It’s too early to see exactly what effect the FCA’s findings have had on both advice firm’s behaviour and clients’ decisions, but the latest statistics on this market still makes interesting reading.

Savers withdrew over £52bn from their retirement pots in 2023-24 – 20% higher than the previous year

The regulator publishes stats every six months and this latest batch covers October 2023 to March 2024. The key takeaway is the number of people accessing their pension for the first time and the amount withdrawn is continuing to increase apace. Savers withdrew over £52bn from their retirement pots in 2023-24 – 20% higher than the previous year.

There seems little doubt the cost-of-living crisis is the main culprit behind this increase. Savers are turning to their pensions to make ends meet to get through a temporary period of financial pain. The most popular decision for those accessing their pensions for the first time is to cash in the pot completely. And while this initially seems concerning, it’s worth noting most of these pots are worth less than £10,000. Faced with a tuppence ha’penny income or a useful lump sum, many people will opt for the latter.

Those setting up a retirement income are still mostly choosing drawdown, although the numbers buying an annuity increased by 40% last year. In one respect, this isn’t surprising – annuity rates have recently been buoyant – but on the other, this behaviour has been slow to adapt, with the FCA retirement income advice review lamenting low annuity sales.

There is evidence savers are currently taking retirement decisions based on fear and speculation ahead of the Budget

If the latest bunch of stats are showing record numbers of people accessing their pension pots, I have a feeling the next lot – covering April 2024 to October 2024 – will cast this set in the shade.

There is evidence savers are currently taking retirement decisions based on fear and speculation ahead of the Budget, with both contributions and the number taking their tax-free cash rising year-on-year.

It has been just over a month since prime minister Keir Starmer stood in the Rose Garden at Downing Street and warned us of a ‘painful’ Budget to come. It feels like every government minister has been told to include the ‘£22bn black hole in public finances’ in every subject they talk or write about.

There is no doubt the message has struck home. After slowly recovering following the Covid pandemic, the long-running GfK Consumer Confidence Barometer took a recent dip, showing UK people are growing worried about their finances.

Exiting pensions in haste may be a choice clients are forced to repent in leisure

The government is keeping its cards close to its chest on what actual measures will be included in the Budget, but, in the absence of hard facts, rumours are swirling with a growing intensity on possible cuts in the amount of tax-free cash someone can take and the removal of higher-rate pensions tax relief.

This pessimism is leaking out. Advice firms are facing an increasing groundswell of client phone calls and emails asking if the rumours are true and what action they could take ahead of the Budget.

This places advisers in an impossible position. None of us have a crystal ball. Only chancellor Rachel Reeves can tell us if these changes are really on the table and to what extent. Common sense tells us there is no point planning based on a rumour and clients should only make a decision that ties in with their long-term goals.

Ultimately, this is about making irreversible decisions regarding people’s long-term financial futures

Those who are insistent on crystallising quickly may find they lose out on longer-term tax benefits, as well as ending up with a lot of cash sat in their bank account they simply don’t need at this moment.

This episode has really driven home the importance of careful messaging around pensions and thinking through the implications. Ultimately, this is about making irreversible decisions regarding people’s long-term financial futures. And exiting pensions in haste may be a choice they are forced to repent in leisure.

Rachel Vahey is head of public policy at AJ Bell

M&S has confirmed that it has axed one of its most popular breakfast items, leaving shoppers gutted.

The posh supermarket has discontinued its “glorious” Cocoa & Cherry Bircher pot.

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A sweet-toothed customer was devastated after coming up empty-handed while rummaging “high and low” through the fridge section for the breakfast treat.

In a desperate plea they wrote on X/formerly Twitter: “Have you discontinued your glorious Cocoa & Cherry Bircher pot? (Archive pic attached).

“I’ve searched high and low across the UK for it recently – to no avail – and your staff have no idea where it’s gone either?”

He then added “please send help”.

Staff at M&S then sadly broke the news that the pot is no longer available to buy.

They wrote: “Hi Kevin, I’ve just checked but our cherry bircher pots aren’t showing in any stores at the moment so do appear to be discontinued.”

Although they did say they will let their Food colleagues know the user would like to see the pots again in the future.

The X user was left devastated by the news and wrote in disbelief: “NOOOOOOOOO?! Do you know why it’s been discontinued?”

He revealed that “many many” people feel the same about the product and that should serve as a reason for the product to return.

A quick search on X showed many others sharing their love for the pots.

One said: “Dreaming about that cocoa and cherry bircher from M&S I had yesterday. It’s too good to be legal.”

Another wrote: “In other news, I bought an M&S cocoa and cherry Bircher to eat on the train and it was SUBLIME.”

While a third commented: “Guys, if you’re ever in M&S try the cocoa and cherry bircher pot, and the chocolate chunk shortbreads. DIVINE.”

The breakfast item is made up of oats and Greek yoghurt, with cherry compote and cocoa nibs.

It contained 277kcals per pot and weighed around 190g.

We had a look online and struggled to find a similar item that could fill the bircher pots’ shoes – the closest M&S seems to sell is fresh porridge for £1.30.

Why are products axed or recipes changed?

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ANALYSIS by chief consumer reporter James Flanders.

Food and drinks makers have been known to tweak their recipes or axe items altogether.

They often say that this is down to the changing tastes of customers.

There are several reasons why this could be done.

For example, government regulation, like the “sugar tax,” forces firms to change their recipes.

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Some manufacturers might choose to tweak ingredients to cut costs.

They may opt for a cheaper alternative, especially when costs are rising to keep prices stable.

For example, Tango Cherry disappeared from shelves in 2018.

It has recently returned after six years away but as a sugar-free version.

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Fanta removed sweetener from its sugar-free alternative earlier this year.

Suntory tweaked the flavour of its flagship Lucozade Original and Orange energy drinks.

While the amount of sugar in every bottle remains unchanged, the supplier swapped out the sweetener aspartame for sucralose.

Other discontinued M&S treats

M&S shoppers have been left gutted after the chain axed a popular takeaway meal after less than two years.

The supermarket’s Vegan ‘Chicken’ & Pepper Pizza earned rave reviews before it was scrapped.

It also discontinued its almond milk and vanilla hand wash, despite being described by shoppers as “amazing and affordable”. 

The posh shop also removed some of its popular Percy Pig sweets from its range – leading to desperate calls for them to be reinstated. 

Percy Pig Phizzy Chews earned rave reviews before they were scrapped in the brand’s recent confectionery overhaul in July.

What’s more its popular Colin the Caterpillar in a jar treats recently disappeared from the shop shelves.

Marks and Sparks also confirmed that a popular teatime meal has been axed as the supermarket carries out a shake-up.

The supermarket has cut the Plant Kitchen: 2 No Beef Steak Pies.

The supermarket then expanded to say that it was set to relaunch the Plant Kitchen range.

Earlier this year, Marks and Spencer shoppers begged the retailer to bring an iconic flavour of ice cream back after learning it had been savagely discontinued.

A customer was baffled when they came up empty handed while rummaging through the freezer section for Chocolate Millionaires Ice Cream.

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Perspective Financial Group has completed four more acquisitions, bringing its total to 15 this year and 93 since it was founded 16 years ago.

The latest deals add approximately £350m assets under advice, 940 households as clients and two new offices.

Additionally, 20 staff will also join Perspective.

The business now has 585 staff, 41 local offices, 155 financial planners – a quarter of them qualified to chartered level or above – and £8bn of assets under advice.

The purchase of Clayden Financial Planning in Ipswich opens up a new office for the group in the area. The business will become Perspective (Clayden Financial).

Founder and director, Leigh Clayden, said: “After 30 years of providing financial advice, I wanted to make sure that my staff and clients would be looked after when I decided to retire from the financial services industry.

“It was important to me to find an acquirer who had the same professionalism, same culture, ethos and ethics as myself, always putting clients’ interests first.

“I carried out a thorough search to identify the best long-term partner who shares my personal values and standards of client service and professionalism.

“When I met with Ian Wilkinson and his team at Perspective, they provided me with the confidence that they would meet all my criteria and provide my staff and clients with the best place for their long-term future needs and requirements.”

The acquisition of PW White & Partners in Amersham adds a third office for Perspective in Buckinghamshire.

Constellation Financial Solutions is based in Darlington and joins the existing Perspective office in the town.

Perspective has also added the client book of a long-standing self-employed adviser based in its Newcastle upon Tyne office.

Perspective chief executive Ian Wilkinson said: “We are pleased to announce the acquisitions of Clayden Financial, PW White, Constellation, and the buy-out of a further client book from one of our advisers.

“These four acquisitions further demonstrate the range of deal structures that Perspective can offer to client-centric vendors, tailored to their individual requirements and timelines.

“We welcome a number of new colleagues to our expanding group, including new offices in Ipswich and Amersham.”

AN expert has revealed the foods you should never put in the fridge if you want to prolong their lifespan.

Storing your food correctly could reduce the chance of you being sick, improve the quality of your meals, and help you save money.

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Plumbworld, the bathroom and kitchen expert, has highlighted the top five foods which should never be stored in the fridge.

The foods they listed were tomatoes, potatoes, onions, garlic, and bread which should be kept elsewhere to prolong their life-span.

The expert said: “Storing food correctly isn’t just about taste—it can also save you money and prevent waste – the less often you have to replace spoiled items, the more you can stretch your grocery budget.

“Proper storage keeps your food fresher for longer, meaning fewer trips to the supermarket and more value from what you buy.”

Knowing which foods to keep at room temperature could therefore cut your food bill by a huge sum across the year.

For example – if your food was to last two weeks rather than one you could slash your spending by half.

You should also remember that prices will depend where you shop, and food will last different amounts of time based on its quality, country of origin and sell by date.

You should always check the sell by date on your items before you buy so that you’re not disappointed by food that goes off quickly.

It always helps to reach for the items at the back of the shelf as these are usually the most recently stocked and the most fresh.

To learn how to make your cash stretch further, read the expert’s top tips below.

Tomatoes

Plumbworld revealed that tomatoes kept in the fridge can lose their flavour and texture.

This is because cold temperatures stop them from ripening and developing their sweet flavour and causes them to develop a wrinkly texture.

The best way to keep them fresh is by storing them at room temperature and away from sunlight.

You can place them in a cooler spot in your kitchen if they are very ripe, but you should pretty much avoid the fridge at all costs.

Tomatoes can typically last up to two weeks when stored correctly.

A pack of tomatoes usually costs around £1, with six classic round tomatoes selling for 95p in Tesco and a family pack from Aldi costing £1.29.

If you bought tomatoes every week you would spend approximately £52 a year – whereas if you did this every two weeks you’d spend £26.

It also helps not to cut open a tomato unless you plan to use the whole thing, as exposing it to air can cause it to expire quickly.

Plumbworld recommended: “If you’ve got a batch of tomatoes that are almost too ripe, make them into a sauce or soup straight away.”

This will mean you don’t have to throw anything out and provide you with meals for the week.

Potatoes

According to Plumbworld potatoes are best stored in a cool, dark and dry place – like a pantry or cellar.

The expert said this was because: “Storing potatoes in the fridge can cause their starch to turn into sugar more quickly.”

This causes them to develop a dark colour and an overly sweet and gritty texture.

You should also make sure you put them in a breathable bag (such as a paper or mesh) to prevent any moisture building up causing them to sprout.

A bag of potatoes typically lasts one to two months and costs £1.35 for 2KG in Tesco and Sainsbury’s.

But left in the fridge they last only one to two weeks, according to Eatingwell.com.

Onions

Plumbworld warned that onions tend to absorb moisture which means they easily become mushy and mouldy in the fridge.

It said: “To keep onions fresh and crunchy, store them in a cool, dry, and well-ventilated area.”

The expert also warned not to store them near potatoes as the gases and moisture they release can cause each other to spoil.

Onions stored correctly in a cool dry place typically last two to three months.

And according to Allrecipes.com they can last up to eight months in the freezer.

You can buy 1KG of brown onions from Aldi for 99p and 1KG of red onions for 71p in Lidl.

This makes it a cheap option for your dinners, but doesn’t also mean you shouldn’t also save each week where you can.

Garlic

A garlic can cost as little as 24p in Sainsbury’s and will last up to six months.

However the moist environment of the fridge can cause garlic to sprout, develop mould or become rubbery, according to Plumbworld.

The expert recommended: “The best way to store garlic is in a cool, dark place with good air circulation.

“A dry spot in your pantry or a garlic keeper works well to maintain its flavour and texture for longer.”

A garlic keeper is a pot which allows airflow and provides the perfect conditions for storage.

You can buy one from Dunelm for £8 or Amazon for £9 – which is more expensive than just finding a cool place but can also be a stylish addition to your kitchen.

Bread

Keeping your bread fresh in the fridge might seem like a good idea, but Plumbworld said this isn’t the case.

It said: “The reality is that cold temperatures cause bread to go stale much faster.

“The fridge accelerates the process of starch crystallisation, which dries out the bread and makes it tough and hard.”

Instead the expert recommended storing bread at room temperature in a bread box or a paper bag to maintain its softness.

It also recommended freezing bread if you have more than you can eat within the few days of its life-span.

It said: “The freezer will preserve its freshness without the texture changes caused by refrigeration.”

A bread bin is a useful investments and costs £15 in Tesco – which over the year would save you money on bread waste.

According to the charity Love Food Hate Waste, UK households waste approximately 20 million slices (equivalent to around one million large loaves) of bread every day.

Other ways to keep your food fresh for longer

These aren’t the only foods which can be stored efficiently.

Plumbworld also recommended: “To avoid waste, try creating a rotation system for all room-temperature foods.

“Keep newer items behind older ones so you use up what’s ripest first.”

In August The Sun wrote an article on the best ways to store food according to Robert Morris, managing director of food safety consultants, Complete Food Safety.

Salad items (besides tomatoes) should be kept in the drawer at the bottom of your fridge.

Whereas anything which grows in soil is more susceptible to bacteria so should be kept separate from salad ingredients.

Meanwhile it always helps to keep food in its supermarket packaging before you use it to keep it thriving for longer.

And placing certain foods in zip lock bags or wrapping up the end of a cucumber will prevent it from spoiling due to contaminated air.

To learn more tips read the article here.

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