More than £10bn has been accessed flexibly since the introduction of pension freedom in 2015, the latest HM Revenue & Customs statistics have shown.
A total £1.59bn was flexibly withdrawn in Q1 2017, the most in any quarter since Q2 2016 and the second-highest figure seen. More than 390,000 flexible payments were made in the quarter. The first quarter of 2017 also saw the highest number of individuals access their pensions flexibly with 176,000 people doing so - 14,000 more than the previous high of 162,000 in the last quarter of last year. However, despite the high total amount withdrawn in the latest quarter, average withdrawals per person have continued to fall - a trend seen since pension freedoms' introduction in April 2015. ...
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