Next Generation Technical Support

News

Industry divided after pension freedoms hit £25bn

Industry divided after pension freedoms hit £25bn

But data is not a complete picture and 'represents only a fraction of the overall cash being accessed'

UK pensioners have taken over £25bn ($32.5bn, €29bn) from their retirement savings under the pension freedoms since they were introduced in April 2015, figures from HM Revenue and Customs reveal.

During Q1 2019, some 284,000 people withdrew just over £2bn from their pensions – with around 648,000 individual payments made during the quarter.

This is a rise from the same quarter a year ago, when 222,000 people withdrew £1.7bn through 500,000 payments.

Please link to International Adviser to read the full article by Robbie Lawther.

Become a member for as little as £25/month