HMRC figures show plunging pension freedom withdrawals

18% year-on-year decrease

clock • 2 min read

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 1% increase in the number of people withdrawing cash compared to the same period in 2019. The average value of each withdrawal has decreased by 18% to £6,700 from £8,200 compared to last year, however. Aegon pensions director Steven Cameron said savers remain at risk, with money withdrawn during a downturn representing a larger proportion of the pension pot. "That means the fund doesn't hav...

To continue reading this article...

Join Professional Adviser for free

  • 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

Salary sacrifice changes to see 2.8 million cut back pension saving

Salary sacrifice changes to see 2.8 million cut back pension saving

According to Freedom of Information request to HMRC

Sophia Panayi
clock 01 June 2026 • 2 min read
Beyond the numbers: Understanding clients' emotional journey into retirement

Beyond the numbers: Understanding clients' emotional journey into retirement

'Supporting clients through the transition into retirement requires far more than technical financial expertise alone'

Catherine Foot
clock 29 May 2026 • 5 min read
Young disabled people face £245,000 pension gap

Young disabled people face £245,000 pension gap

PensionBee research finds

Sophia Panayi
clock 27 May 2026 • 4 min read