Pension freedom withdrawals reach £6.5bn in 2017

Total of £15.7bn accessed flexibly

clock • 1 min read

Latest figures from HM Revenue & Customs (HMRC) show some 772,000 people withdrew more than £6.5bn from their pension pots in 2017, making taking cash from a pension pot "the new norm for millions of people".

The figures remained relatively steady throughout the year, although Q2 proved to be the most popular quarter, with some 200,000 individuals withdrawing about £1.86bn. The number of people makin...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Contribution

Partner Insight: Making private markets work for members – a guide for defined contribution trustees

Partner Insight: Making private markets work for members – a guide for defined contribution trustees

When capturing the potential that private markets could offer defined contribution schemes, trustees need to ensure they have absolute clarity on fees, fund structures and liquidity, says BlackRock’s James Rowe.

James Rowe - Managing Director, Head of UK Institutional DC
clock 15 April 2026 • 7 min read
SPP backs government changes to bring mandation powers more in line with Mansion House Accord

SPP backs government changes to bring mandation powers more in line with Mansion House Accord

Move follows Lords vote to remove reserve investment power from Pension Schemes Bill

Jonathan Stapleton
clock 08 April 2026 • 1 min read
Aon tracker shows uptick in DC retirement outcomes for Q4 2025

Aon tracker shows uptick in DC retirement outcomes for Q4 2025

Consultancy’s tracker rose from 71.3 to 73.4 over the final three months of 2025

Martin Richmond
clock 08 April 2026 • 3 min read
Trustpilot