Pension freedom withdrawals have tailed off in the last two quarters with a total of £1.6bn being extracted compared to £2.7bn in the previous two quarters, data from HM Revenue & Customs (HMRC) shows.
Savers took out £820m in the first quarter of 2016 and £800m in the last quarter of 2015, latest figures show. Withdrawals totalled almost £2.7bn in the two quarters after the reforms were launched. Pension freedom, which gave defined contribution savers complete access to their pension pots from the age of 55, subject to taxation, was introduced in April last year. Just Retirement group communications director Stephen Lowe said the latest batch of numbers showed the "initial freedom frenzy" had tailed off. He said: "Another way of looking at it is that the average withdrawal in...
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