Pension freedoms withdrawals hit £45bn as experts clamour for MPAA abolition

clock • 4 min read

A massive £45bn has now been withdrawn flexibly from pensions since the retirement freedoms were introduced in April 2015, according to HMRC statistics released today (30 April) covering withdrawals in Q1 2021. The statistics showed 383,000 people withdrew £2.6bn in flexible payments from their pensions in the first quarter of 2021. This is a 6% increase in the number of individuals withdrawing year-on-year from Q1 2020 and a 4% fall in the average value of withdrawals to £6,800. The nu...

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