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Steve Webb, Director of Policy at Royal London comments on HMRC's latest statistics on the use of pension freedoms. |
HMRC have issued their latest statistics on the use of pension freedoms. The full figures are here As you will see, between fiscal 16/17 and 17/18 as a whole, the scale of withdrawals had stabilised, with total withdrawals around the £6.5 billion mark in each year and 375,00-400,00 individuals making withdrawals each year. But the first data for 18/19 (ie 2018 Q2) seems to show a marked increase. In Q2 of this year a record £2.27 billion was withdrawn, compared with £1.7 billion the previous quarter. This seems to have been driven both by a rise in the numbers withdrawing (up from 222,000 to 264,000) and the average withdrawal (up from around £7,600 to around £8,600). It is obviously too soon to know if this is the start of a longer-term trend.
Commenting, Steve Webb, Director of Policy at Royal London, said: ‘These figures show the continuing popularity of pension freedoms. In the latest three months over a quarter of a million people took the opportunity to make flexible withdrawals from their pension, and withdrawals were at a record level. The key challenge is to make sure that more people take advice and guidance when deciding how to access their pension savings so that they do so in a sustainable way that meets their objectives’. |
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