Pension freedom payouts soar to £1.8bn

Back to early 2015 levels

Carmen Reichman
clock • 4 min read

Payouts under the pension freedom regime have soared in the last quarter when £1.77bn was withdrawn from retirement pots, according to the latest Treasury figures.

In the months since April, 256,000 payments were made to 159,000 people, seemingly double the number processed in the previous two quarters and more than in the three months after the reforms were fully launched. However, the figures are somewhat skewed as reporting was made compulsory only in April this year, while it was voluntary in the first year. In Q2 last year, immediately after the freedoms were launched, 121,000 withdrawals were made worth a total of £1.56bn. Rates slowed towards the end of the year and in the first three months of 2016 when just north of £800m was withdra...

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

Government again rejects Waspi compensation after review

Government again rejects Waspi compensation after review

DWP: Creation of compensation scheme would be ‘highly impractical’ and ‘time-consuming’

Martin Richmond
clock 29 January 2026 • 3 min read
Pension transfers and the FCA: A well-meaning intervention that risks falling short

Pension transfers and the FCA: A well-meaning intervention that risks falling short

'The secret is giving people the right information at the right time'

Rachel Vahey
clock 28 January 2026 • 4 min read
State pension deferrals: 42,000 who postponed took benefit in 2023/24

State pension deferrals: 42,000 who postponed took benefit in 2023/24

FoI request from provider Royal London

Jenna Brown
clock 28 January 2026 • 3 min read