Gov't Says Pension Freedom Withdrawals Dipped 17% In Q2

Law360, London (July 31, 2020, 3:43 PM BST) -- The amount of cash withdrawn from retirement savings dropped 17% in the second quarter of 2020, according to government statistics, a "blip" pensions experts credit to the COVID-19 lockdown.

The statistics, published Friday by HM Revenue & Customs, said £2.3 billion ($2.9 billion) was withdrawn in flexible payments, down from £2.8 billion in the same period last year.

Pensions experts however said the drop was to be expected as a result of reduced spending during the U.K.-wide lockdown, and would likely increase later in the year.

Freedoms introduced by the government in 2015 have allowed savers in defined contribution schemes over the...

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