The number of savers opting to withdraw a tax-free lump sum from their pension has dropped more than 53% since the start of the coronavirus pandemic, according to the Association of British Insurers (ABI).
This is one of many pension protection measures noted during lockdown as savers face a volatile market and rising unemployment prospects. Comparisons between April 2019 and April 2020 from the ABI found people choosing to access their pension as a flexible income fell by 42.2%, while the number of people withdrawing all their pension in one lump sum fell by 30.2%. The People's Pension head of policy Tim Gosling said it was "encouraging" to see people taking advantage of the government's financial support measures rather than withdrawing from pension pots. "It remains to be seen whe...
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