HMRC chided for releasing 'incomplete' pensions freedom data

'Flexible' pension payouts of £2.7bn likely well short of actual figure

Carmen Reichman
clock

HMRC has come in for criticism for publishing incomplete figures detailing the number of 'flexible' pension payouts made since the retirement reforms were introduced in April.

Payments worth £2.7bn have been made in the first six months since the widespread reforms were granted, figures from HMRC suggest. However, as providers are not obliged to report on withdrawals until April next year, the data is incomplete, HMRC said. Indeed, statistics published by the Association of British Insurers in July reflecting the actions of its members, suggested payments worth £1.8bn were made in the first two months - April and May - alone. In the first three months, the ABI later announced, providers paid out almost £2.5bn in cash and income drawdown payments. HMRC...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Reform UK leader Nigel Farage pledges to scrap IHT

Reform UK leader Nigel Farage pledges to scrap IHT

Although complete abolition is ‘unlikely to happen any time soon’

Isabel Baxter
clock 05 March 2025 • 2 min read
Planning, policy and playing the long game

Planning, policy and playing the long game

'There are solid indicators that we should see less disruption to tax planning'

Alastair Black
clock 05 March 2025 • 4 min read
UK sees non-dom population drop by almost 37% in 'wealth exodus'

UK sees non-dom population drop by almost 37% in 'wealth exodus'

Many HNW clients relocating to Greece

Jenna Brown
clock 24 February 2025 • 2 min read