Record amount withdrawn from pensions

Record amount withdrawn from pensions

The pension freedoms have given people the chance to spend their pension savings as they see fit, rather than being funnelled into an annuity, as was often the case pre-freedoms. As a result, huge numbers of retirees have opted for income drawdown, which allows them to withdraw from their pot when they wish – and new figures show that these withdrawals have just hit record levels. Flexible payments

New data from HMRC shows that the number flexible pension withdrawals hit a new high between July and September this year, with a record 585,000 payments made to 258,000 people. […]

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