The number of people withdrawing all of their pension in one lump sum increased by 94% in the six months to September once lockdown restrictions started to ease. In the same period last year, the number of people withdrawing all their pension money increased 51%, according to statistics from the Association of British Insurers (ABI).
It noted a big jump in pension savers accessing pots after a pause in activity during the first coronavirus lockdown earlier this year.
The ABI said the number of people accessing their pension as a flexible income increased 56% between April and September, though withdrawals are […]
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