Savers withdrew £15.3bn from pension pots in 2016/17

Over the last five years, the total amount withdrawn has more than tripled - increasing 173% from £5.6bn in 2012/13. The financial adviser said many savers were increasingly drawing incomes, ad hoc withdrawals and lump sums from their pension early, before reaching retirement age. It added the rise in withdrawals reflected the number of people taking advantage of recent rule changes allowing them to take greater control of their pension, including the 2014 lowered level of guaranteed income required to make unlimited withdrawals from a pension pot - from £20,000 to £12,000 - and pensi...