Cost of living crisis drives pensions freedom flexible withdrawals

Canada Life said that in the second quarter of this year 567,000 people withdrew a total of £4bn representing a 17% increase in the value of payments compared to the same period last year. In 2022/23 £12.9bn was withdrawn, up from £11.2 bn in 2021/22 - this compared to £9.2bn in 2020/21. Canada Life retirement income director Nick Flynn said the "floodgates have well and truly opened" as record amounts were withdrawn from pensions. "While there is no need to hit the panic button, I hope these people have a backup plan to be able to generate a wage in retirement," he said. "The curr...