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UK pension freedoms withdrawals hit £17bn

UK pension freedoms withdrawals hit £17bn

Almost £17.5bn (€20bn, $24.3bn) has been withdrawn from pensions since the freedoms were launched three years ago, according to the latest figures from HM Revenue & Customs. The updated figures, released on 27 April, show that £1.7bn was withdrawn in the first three months of the year, representing a 10% increase on the total accumulated figure.
Further, the results show that, in the first quarter of the year, 500,000 flexible payments were made to 222,000 people with an average withdrawal amount of £7,644. Please link to International Adviser to read the full article by Tom Carnegie.

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