There were fears when the reforms were introduced that pensioners would blow their cash on luxury goods Credit: Marco Secchi/Bloomberg The number of people making use of the “pension freedoms” soared to record levels in the first few months of 2018, according to figures released today.
A total of 222,000 pensioners made half a million withdrawals from their pots in the first three months of the year – 20,000 more than the previous quarter. The total amount withdrawn in the 2017-18 financial year was £6.7bn, the highest figure since the reforms were introduced in 2015.
Previously, most pensioners purchased an annuity […]
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