Tax-free lump sum pension withdrawals halve during Covid-19

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...