Article preview: Since pension freedoms were introduced in April 2015, it’s been interesting to review official figures each quarter and better understand how savers are making use of the new rules. The ability to withdraw unlimited amounts from a pension pot, subject of course to tax charges, was originally met with warnings of unsustainable financial behaviour and squandering the proceeds on unnecessary purchases. Thankfully, the reality of pension freedoms has been quite different, with the vast majority of those making flexible withdrawals doing so at sensible and sustainable levels. The latest set of figures released by HM Revenue & Customs shows that the number of flexible pension withdrawals made in the final quarter of last year reached a new record level.
New record for flexible pension withdrawals
This 586 word blog post looks at the latest flexible pension withdrawal figures from HM Revenue & Customs, reporting on a new record for the number of withdrawals made in the last quarter. It concludes that the figures suggest that the popularity of pension freedoms continues to rise and savers are showing some restraint when it comes to the amounts they withdraw. Includes an expert comment from Alistair McQueen, Head of Savings & Retirement at Aviva. Written on 25th January 2019.
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