Pension freedom withdrawals hit record £2.3bn in Q2

£19.7bn withdrawn since pension freedoms

James Phillips
clock • 2 min read

A record £2.3bn was withdrawn from pensions under Freedom and Choice in the second quarter of this year, according to HM Revenue & Customs (HMRC).

The period also saw the highest number of people access their pensions via the largest amount of withdrawals in a quarter since the freedoms were introduced in 2015. More than a quarter of a million people, across 574,000 payments, withdrew an average of £8,600 between April and June. The figure is up 34% on the previous quarter when withdrawals amounted to £1.7bn. Barnett Waddingham senior consultant Malcolm McLean said the figures demonstrate "the continuing popularity" of the freedoms. "What is less clear, and rather more worrying, is how many people are accessing their pension ...

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James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

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