Pension freedom withdrawal 'frenzy' calms, HMRC figures show

Savers took out £820m in the first quarter of 2016 and £800m in the last quarter of 2015, latest figures show. Withdrawals totalled almost £2.7bn in the two quarters after the reforms were launched. Pension freedom, which gave defined contribution savers complete access to their pension pots from the age of 55, subject to taxation, was introduced in April last year. Just Retirement group communications director Stephen Lowe said the latest batch of numbers showed the "initial freedom frenzy" had tailed off. He said: "Another way of looking at it is that the average withdrawal in...