UK Pension Freedoms Withdrawals Hit £45B After Reforms

Law360, London (April 30, 2021, 5:13 PM BST) -- The amount of cash withdrawn from pension pots under reforms introduced six years ago has risen to £45 billion ($62.5 billion), the government said on Friday, as industry experts called for a review on "draconian" rules that penalize savers.

HM Revenue & Customs said that 383,000 people tapped their long-term savings in the first three months of the year, withdrawing £2.6 billion in total.

The figure represents a 6% rise over the £2.5 billion withdrawn in the same period last year, and a new total of £45 billion taken out since pension freedom rules were introduced in 2015.

The rules allow...

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