Next Generation Technical Support

News

Almost £6bn withdrawn after UK pension reform, reports ABI

Almost £6bn withdrawn after UK pension reform, reports ABI

Nearly £6bn ($8.6bn, €7.6bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by the Association of British Insurers (ABI). The data shows that £3bn has been paid out in 213,000 cash lump sum payments in 2015, with pensioners taking an average payment of £14,800. Meanwhile, £2.9bn has been paid out in income drawdown payments, which totalled an average of £3,500. Please link to International Adviser to read the full article by Monira Matin.

Become a member for as little as £25/month