Savers withdrew £15.3bn from pension pots in 2016/17

Up 14% on last year

Hannah Godfrey
clock • 1 min read

The amount savers withdrew from their pensions pots increased 14% to £15.3bn in 2016/17, up from £13.5bn in 2015/16, according to research undertaken by Salisbury House Wealth.

Over the last five years, the total amount withdrawn has more than tripled - increasing 173% from £5.6bn in 2012/13. The financial adviser said many savers were increasingly drawing incomes, ad hoc withdrawals and lump sums from their pension early, before reaching retirement age. It added the rise in withdrawals reflected the number of people taking advantage of recent rule changes allowing them to take greater control of their pension, including the 2014 lowered level of guaranteed income required to make unlimited withdrawals from a pension pot - from £20,000 to £12,000 - and pensi...

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