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But amount of money withdrawn down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 However, the amount withdrawn has decreased by 2% for the same period. From July through to September £2.3bn was withdrawn from pensions flexibly and in 2019, £2.4bn was withdrawn. The average amount withdrawn per individual in 2020 was £6,700 compared to £7,200 during the same three months last year.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...

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

One year on: Abolished lifetime allowance still throwing up advice queries

One year on: Abolished lifetime allowance still throwing up advice queries

Scheme-specific lump sum queries

Andrew Tully
clock 24 April 2025 • 4 min read
Government to set up small pensions pot consolidator

Government to set up small pensions pot consolidator

Pension Schemes Bill measure will reduce admin costs and boost pots

Jonathan Stapleton
clock 24 April 2025 • 3 min read
Pension engagement only way to cut 'retirement anxiety'

Pension engagement only way to cut 'retirement anxiety'

Verona Kenny says industry has ‘moral duty’ to push engagement

Jenna Brown
clock 23 April 2025 • 3 min read