More than £25bn has been withdrawn from pension schemes as a result of pension freedoms, according to the latest data published by the taxman.
In figures released on Tuesday (30 April), HM Revenue & Customs (HMRC) also revealed that the first quarter of this year saw record figures for both the number of individuals using the freedoms, as well as the number of payments made. Payments were made to 284,000 individuals with £2.06bn given out across 648,000 withdrawals. The average member withdrew £7,250, while the average withdrawal amounted to £3,180. The figures are marginally higher than in Q4 2018 when 264,000 savers used the freedoms to access an average of £7,200. HMRC also revealed that members of occupational pension...
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