£9.4bn withdrawn from UK pensions during 2020

clock • 4 min read

Savers withdrew £9.4bn flexibly from their retirement pots during 2020, new HMRC data pubished today has revealed. Some 360,000 people accessed their pension in the final three months of 2020, up 10%YoY and 4% versus the previous quarter. This quarter-on-quarter rise is counter to previous trends and may reflect savers dipping into pensions as a result of covid-19. Average per person withdrawals continue to fall, dropping from £6,715 in Q3 2020 to £6,583 in Q4 Treasury urged to reinstate £10,000 money purchase annual allowance (MPAA) so savers aren't unfairly punished for access...

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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.