'Significant spike': Cost of living crisis drives pension withdrawals

Concern that pensions freedom would result in a swathe of Lamborghini purchases never came to pass when the reforms were brought in back in 2015. Withdrawals have over time been steady (after the initial ‘dash for cash') and with no reported spike in sports car sales, however, it would seem the current cost of living crisis has resulted in a withdrawal surge - with no luxury items on the horizon for people taking money out of their pensions, more likely they are simply trying to stay afloat. Some £3.6bn was removed from pension pots through early access withdrawals between 1 April and...