Pension freedom payouts hit £1.6bn in Q3

On average, each person received about £8,000 through 2.2 withdrawals, with £1.6bn being paid out. The figure is down from the record £1.9bn recorded in Q2 this year, when the average withdrawal also hit a low of £9,300. The withdrawals bring the total amount paid out so far this financial year to £3.4bn, which is just over half the amount withdrawn in 2015/16, while £15.3bn has now been withdrawn since the freedoms were introduced in April 2015. The figures come as the Work and Pensions Committee's (WPC) probe into pension freedoms closed to evidence submissions. In evidence pu...