Chancellor reveals £1bn cashed in since pensions freedom

Carmen Reichman
clock

The Chancellor has told the House of Commons 60,000 savers have taken out a total of £1bn since April, when pensions freedom came into effect.

George Osborne announced the figures today showing that investors withdrew a total of £1bn from their pots at an average of about £17,000 each. The government reformed the retirement income space over the last year to allow all savers over the age of 55 to access their pension savings in any way they wish. Osborne (pictured) said the unprecedented pension freedoms "have been widely welcomed", calling the reform "a real success". Further reading: Osborne's pensions revolution: Everything you need to know But he added: "We have to make sure that people get the best advice, tha...

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 Pensions

 Rachel Vahey: Advisers and clients still need clarity on NMPA increase

Rachel Vahey: Advisers and clients still need clarity on NMPA increase

'HMRC has had years to clear this up but has sat on its hands'

Rachel Vahey
clock 11 March 2026 • 4 min read
Pension freedoms exposed a longevity problem we still refuse to confront

Pension freedoms exposed a longevity problem we still refuse to confront

'The gap between product complexity and consumer understanding is not narrowing'

Julia Fintz
clock 11 March 2026 • 4 min read
Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Administration expected to conclude in 2027

Isabel Baxter
clock 10 March 2026 • 3 min read