UK pension withdrawals rose by £2.46bn in 1Q: industry reacts

clock • 4 min read

HMRC reported today that £2.5bn was withdrawn from pensions flexibly in 1Q2020, a 19% increase from £2.1bn YoY. The total value of flexible withdrawals from pensions since flexibility changes in 2015 has now exceeded £35bn, the UK tax office said.  1Q2020 saw 348,000 individuals withdraw from pensions, a 23% increase from 284,000 in the same quarter of the previous year. There has also been an increase in the number of individuals withdrawing compared to the previous quarter 4Q2019 (327,000) - which reflects normal seasonal patterns. Withdrawal numbers typically rise in 1Q, before pea...

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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.