The number of people choosing to take their pension as drawdown fell by almost half (42.2 per cent) compared to 2019, analysis by the Association of British Insurers (ABI) has found.
The group stated that the number of people enquiring about and accessing their pension has fallen ‘dramatically’ over the lockdown period, with the number of enquiries from members about their pension also falling by almost a third (31.9 per cent).
Furthermore, those choosing to take only a tax-free lump sum has more than halved (53.1 per cent), and the number of people withdrawing the entirety of their pension in one […]
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