Flexible withdrawals pass £32bn as pension freedoms approach 5th anniversary

clock • 4 min read

Figures published by the UK's HM Revenue and Customs (HMRC) today suggest more people may be using pensions as a flow of income rather than a chance to access big lump sums. In 4Q2019, £2.2bn was withdrawn from pensions flexibly - a significant 18% increase from £1.9bn in 4Q2018. The total value of flexible withdrawals from pensions since flexibility changes in 2015 has reached almost £33bn. The total value of withdrawal payments for 2019 is £9.4bn. Fully 327,000 people withdrew £2.2bn flexibly from their pensions in the final quarter of 2019. The average per person withdrawals were £...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.