Over £9.2 billion released by pension freedoms

Hundreds of thousands of savers have cashed in £9.2 billion from their pension pots since pension freedoms were introduced in April 2015.

In April 2015, the government introduced significant pension reforms giving people the ability to access their pensions savings how and when they want. Over 1.5 million payments have been made using pension freedoms, with 162,000 people accessing £1.56 billion flexibly from their pension pots over the last three months, according to HMRC figures.

The Economic Secretary to the Treasury, Simon Kirby, said:

'Giving people freedom over what they do with their hard-earned savings, whether it's buying an annuity or taking a cash lump sum, is the right thing to do. These figures show that people continue to take advantage of the choices on offer: choices ‎only made available since the government's landmark pension freedoms were introduced in April 2015.

We are working with our partners, including Pension Wise, the regulators and pension firms, so that savers have the support they need to understand the options available to them.

The statistics show that in the first year of these new rules being available, more than 232,000 people have accessed £4.3 billion flexibly from their pension pots.'

Internet links: GOV.UK news Statistics

Home | Contact us | Site map | Accessibility | Help | Disclaimer |

© 2020 Poole Resources Ltd. All rights reserved. Poole Resources is a trading name of Poole Resources Limited. Registered in England & Wales No: 06138681. Registered office as below. A list of directors is available upon request.


Poole Resources Ltd, 95 High Street, Street, Somerset BA16 0EZ
We use cookies on this website, you can find more information about cookies here. powered by totalSOLUTION
ACCA logo