Number of people withdrawing from pensions up 6% in Q3 - HMRC data

But amount of money withdrawn down

Sophie King
clock • 1 min read

The number of people withdrawing from their pensions has increased by six percent in the period from July through to September this year compared to 2019, data from HM Revenue & Customs has shown.

In 2020, 347,000 individuals withdrew funds from their pensions between July and September, a 6% increase from the 327,000 who withdrew during the same period last year. However, the amount withdrawn has decreased by 2% for the same period. From July through to September £2.3bn was withdrawn from pensions flexibly and in 2019, £2.4bn was withdrawn. The average amount withdrawn per individual in 2020 was £6,700 compared to £7,200 during the same three months last year. According to HMRC, the number of people making withdrawals typically peaks in April, May and June before dropping from...

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