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 However, the amount withdrawn has decreased by 2% for the same period. From July through to September £2.3bn was withdrawn from pensions flexibly and in 2019, £2.4bn was withdrawn. The average amount withdrawn per individual in 2020 was £6,700 compared to £7,200 during the same three months last year.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