Pension freedom withdrawals pass £30bn

Pedro Gonçalves
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Pension freedom withdrawals pass £30bn

Over £30bn has been flexibly withdrawn from pensions since the introduction of pension freedoms in 2015. The latest figures from HMRC on flexible pension payments show that £2.4bn was withdrawn from pensions in the third quarter of 2019 by 327,000 individuals, a 21% increase from the £2bn that was taken out during the same period in 2018. Pension freedom rules mean those aged over 55 no longer have to purchase an annuity to access their pension income but can instead enter drawdown or t...

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