Flexible withdrawals exceed £35bn since 2015

Some £2.5bn was withdrawn from pensions flexibly during the first quarter of 2020 a 19% increase from £2.1bn in the equivalent quarter in 2019. HMRC’s quarterly data for the period January to March 2020 show that the total value of flexible withdrawals since flexibility changes in 2015 exceeds £35bn.

The statistics reveal that 348 000 individuals made withdrawals – a 23% increase from 284 000 in the same quarter last year. 

Nathan Long interim head of policy at Hargreaves Lansdown said: ‘It is important to note that the number of people using pension freedom is being added to every year as successive cohorts reach retirement so you’d expect the withdrawal values to increase year on year; these numbers are in line with that trend. However investors should be especially mindful at this time of cashing in investments after significant market falls and for some ...