Pension freedom withdrawals top £8bn in first year - ABI data

Figures released today state £4.3bn was paid out through 300,000 lump sum payments, at an average of £14,500. Some £3.9bn was also released from pension pots through 1.03 million drawdown payments, the body said. Average drawdown withdrawals were £3,8000. The figures cover the first complete year of pension freedom, which began in April 2015. The ABI also said since the reforms came in £10.3bn had been invested in new products. Some £4.2bn went into annuities with an average spend of £52,500. However, the drawdown market was the big winner with 90,700 drawdown products netting £6.1...