Pension drawdowns are becoming "increasingly common", according to Just Group's Stephen Lowe, as the latest HM Revenue & Customs (HMRC) figures show £2bn was withdrawn from pension schemes in the third quarter of 2018.
The £2bn drawn down between July and September means £5.9bn has been withdrawn through 1.66 million payments so far this year. As a result, 2018 is on track to exceed 2017, when 1.67 million withdrawals were made to cash in a total £6.54bn, on both counts. In the third quarter of 2018 some 258,000 people made 585,000 withdrawals, according to HMRC statistics. Just Group group communications director Stephen Lowe said the figures were "growing evidence that drawdown, particularly non-advised drawdown, is becoming increasingly common for those entering retirement". HMRC 'moving up a...
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