Pension freedom withdrawals reach record high in Q2

£28bn withdrawn since 2015

Sophie King
clock • 1 min read

Savers withdrew £2.75bn from their pensions in the second quarter of 2019 - the greatest amount withdrawn from pension savings in a single quarter.

According to figures from HM Revenue & Customs (HMRC) published on Wednesday (31 July), more than £28bn has been flexibly withdrawn since pension freedoms came into force in April 2015. Some 336,000 individuals withdrew from their pensions in Q2 2019, a 27% increase from the 264,000 that did so between March and June last year.  AJ Bell senior analyst Tom Selby said there was "finally" a clearer picture on how people are using the flexibilities four years after pension freedoms were introduced. He added: "On the whole the available evidence points to savers acting in a sensible man...

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