Chancellor reveals £1bn cashed in since pensions freedom

Carmen Reichman
clock

The Chancellor has told the House of Commons 60,000 savers have taken out a total of £1bn since April, when pensions freedom came into effect.

George Osborne announced the figures today showing that investors withdrew a total of £1bn from their pots at an average of about £17,000 each. The government reformed the retirement income space over the last year to allow all savers over the age of 55 to access their pension savings in any way they wish. Osborne (pictured) said the unprecedented pension freedoms "have been widely welcomed", calling the reform "a real success". Further reading: Osborne's pensions revolution: Everything you need to know But he added: "We have to make sure that people get the best advice, tha...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

FCA launches consultation on adapting to a 'changing pensions market'

FCA launches consultation on adapting to a 'changing pensions market'

Outlines regime for digital pension planning tool

Holly Roach
clock 11 December 2025 • 3 min read
Lack of focus delaying pension transfers, Origo CEO warns

Lack of focus delaying pension transfers, Origo CEO warns

Advisers share months-long delays as PensionBee’s petition calls for ten-day transfer guarantee

Sahar Nazir
clock 11 December 2025 • 6 min read
Pension IHT: A minor win for executors, a missed opportunity for HMRC

Pension IHT: A minor win for executors, a missed opportunity for HMRC

'It's a great pity HMRC couldn't have been a bit braver and taken the sensible approach'

Rachel Vahey
clock 09 December 2025 • 3 min read