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£20bn withdrawn since pension freedoms launched

£20bn withdrawn since pension freedoms launched

The popularity of the UK's pension freedoms is showing no signs of slowing, with almost £20bn ($26.2bn, €22.4bn) having now been flexibly accessed since the reforms launched in April 2015, according to the latest figures from HM Revenue & Customs.

HMRC's latest figures for flexible payments from pensions shows £2.26bn was accessed in 2Q18.
This was the first time pension freedom payments have been more than £2bn in a quarter since the reforms were introduced three years ago.

The HMRC data also showed the average withdrawal per person hit £8,595, almost £1,000 higher than the previous quarter but £700 lower than 2Q17. Please link to International Adviser to read the full article by Tom Carnegie.

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