Chancellor reveals £1bn cashed in since pensions freedom

Carmen Reichman
clock

The Chancellor has told the House of Commons 60,000 savers have taken out a total of £1bn since April, when pensions freedom came into effect.

George Osborne announced the figures today showing that investors withdrew a total of £1bn from their pots at an average of about £17,000 each. The government reformed the retirement income space over the last year to allow all savers over the age of 55 to access their pension savings in any way they wish. Osborne (pictured) said the unprecedented pension freedoms "have been widely welcomed", calling the reform "a real success". Further reading: Osborne's pensions revolution: Everything you need to know But he added: "We have to make sure that people get the best advice, tha...

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

Many savers fear smaller pension pots after salary sacrifice reforms

Many savers fear smaller pension pots after salary sacrifice reforms

Two-thirds think changes will mean paying more National Insurance

Jasmine Urquhart
clock 08 January 2026 • 2 min read
Evolution of pension recommendations and how 2026 may influence change

Evolution of pension recommendations and how 2026 may influence change

Next year could be the start of something big

Richard Hulbert
clock 06 January 2026 • 4 min read
Preparing for 2029: Adapting to the Budget's salary sacrifice cap

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

'While this policy alters the landscape, it arguably represents an adjustment rather than a fundamental reform'

Steve Charlton
clock 22 December 2025 • 3 min read