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Osborne reveals £1bn withdrawn since UK pension reforms

Osborne reveals £1bn withdrawn since UK pension reforms

Thousands of UK savers have collectively withdrawn more than £1bn from their pension pots after new freedoms were introduced in April. Speaking during a House of Commons debate yesterday, Chancellor George Osborne revealed that 60,000 people had used the new flexibilities in the first few weeks of them being introduced. "These unprecedented pension freedoms have been widely welcomed," Osborne said, pointing to the first data produced since the reforms, which indicates that £1bn worth of pension savings had been transferred in the initial weeks. Please link to International Adviser to read the full article by Katherine Denham.

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