HMRC figures show plunging pension freedom withdrawals

18% year-on-year decrease

clock
An18% decrease year-on-year from the £2.8bn in withdrawals seen in Q2 2019.
Image:

An18% decrease year-on-year from the £2.8bn in withdrawals seen in Q2 2019.

A total of 340,000 people withdrew £2.3bn in flexible payments from their pensions in the second quarter of 2020, according to HM Revenue & Customs (HMRC).

Figures released this morning (31 July) showed an 18% decrease year-on-year from the £2.8bn in withdrawals seen in Q2 2019. The July 2020 flexible payments from pensions statistics also showed a...

To continue reading this article...

Join Professional Adviser

 

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Pensions

SPP flags range of issues with FCA transfer advice redress consultation

SPP flags range of issues with FCA transfer advice redress consultation

Society highlights series of problems it foresees with regulator’s plans

Jenna Brown
clock 27 September 2022 • 2 min read
Compliance inspection by TPR uncovers pension calculation errors

Compliance inspection by TPR uncovers pension calculation errors

The Pensions Regulator warns people are at risk of missing contributions

Hope William-Smith
clock 26 September 2022 • 1 min read
Mini Budget 22: Income tax cuts drive pension contribution decisions

Mini Budget 22: Income tax cuts drive pension contribution decisions

For low earners ‘reduction in relief will be real terms reduction in their pensions’

clock 23 September 2022 • 4 min read