Savers extract £1.8bn in first two months of pensions freedom

The ABI's figures suggested in April and May the pensions industry paid out to savers 250,000 times totaling £1.8bn while it got back £1.3bn from consumers buying retirement products. The data tracked consumer behaviour following the government's pension freedom reforms, which from April this year allowed all savers over the age of 55 free access to their savings. It found those with smaller pots were more likely to cash out while those with bigger savings were buying incomes. Related reading: ABI: Members took 57,000 calls a day in pension 'freedom' week Of the money spent...