Article preview: People withdrew a total of £2.6 billion in flexible payments from their pension pots in the first three months of this year. The latest official figures show that 383,000 people made flexible withdrawals in the first quarter of 2021, up 6% on the same period last year. Despite the rise in the number of people taking flexible pension withdrawals, the average amount of each withdrawal fell by 4% to £6,800. Back in the first quarter of last year, people flexibly withdrew an average of £7,100 each.
Flexible pension withdrawal rise could prompt contribution restrictions
This 458-word blog post looks at the latest official figures for flexible pension withdrawals and includes commentary from Andrew Tully, technical director at insurer Canada Life with a warning about facing Money Purchase Annual Allowance restrictions unintentionally. Written on 2nd May 2021.
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