Pension freedoms withdrawals hit fresh low
Withdrawals under the pension freedoms have hit an all time low, reducing the need for emergency regulation or government intervention, an industry expert says.The latest HM Revenue and Customs statistics on flexible payments from pensions shows the average withdrawal per person in 4Q17 was £7,596 ($10,618, €8,655).
This is almost £2,000 lower than the 4Q16 average of £9,630.
Despite the lower withdrawal average, the statistics show that a higher number of pensioners are taking flexible payments from their fund with 198,000 in 4Q17 compared with 162,000 in 3Q16.
The figures also show that, in total, almost £16bn has now been withdrawn from pensions since the freedoms rules were introduced in April 2015. Please link to International Adviser to read the full article by Tom Carnegie.