Pension freedom withdrawals cut through £10bn barrier

Average amount accessed per person continues to fall

clock • 1 min read

More than £10bn has been accessed flexibly since the introduction of pension freedom in 2015, the latest HM Revenue & Customs statistics have shown.

A total £1.59bn was flexibly withdrawn in Q1 2017, the most in any quarter since Q2 2016 and the second-highest figure seen. More than 390,000 flexible payments were made in the quarter. The fir...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Contribution

DC savers at risk of 'advice gap' at and in retirement

DC savers at risk of 'advice gap' at and in retirement

Gap could see savers miss out on knowledge required to make retirement decisions

Jasmine Urquhart
clock 25 November 2024 • 3 min read
DC master trust outcomes 'significantly improved' since 2022 gilt market volatility

DC master trust outcomes 'significantly improved' since 2022 gilt market volatility

Hymans says master trust members have benefited from ‘favourable’ market conditions

Holly Roach
clock 21 November 2024 • 2 min read
Major master trusts express concern over government's approach to DC consolidation

Major master trusts express concern over government's approach to DC consolidation

Smart Pension and SEI both raise concerns over chancellor’s plans and timelines

Jonathan Stapleton
clock 18 November 2024 • 5 min read
Trustpilot