Savers Withdraw Record £8.18B Under Pension Freedoms

Law360, London (April 30, 2019, 6:40 PM BST) -- Retirement savers have purged their pension pots of a record £8.18 billion ($10.65 billion) since April 2018, government figures published Tuesday revealed, which is nearly double the amount withdrawn during the first year of controversial pension freedoms rules.

HM Revenue and Customs said that savers have withdrawn a total of £25.62 billion out of their pensions since flexible pensions were introduced in 2015. Consumers took out £4.35 million between April 2015 and March 2016, but this amount reached a record high for the same period between 2018 and 2019.

And customers took more payments out of their pensions in the first...

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