Drawdown 'increasingly common' as HMRC data shows £2bn withdrawn in Q3

Lowe: Drawdown product is not for the faint hearted - it's complex and can be risky

Lowe: Drawdown product is not for the faint hearted - it's complex and can be risky

Pension drawdowns are becoming "increasingly common", according to Just Group's Stephen Lowe, as the latest HM Revenue & Customs (HMRC) figures show £2bn was withdrawn from pension schemes in the third quarter of 2018.

The £2bn drawn down between July and September means £5.9bn has been withdrawn through 1.66 million payments so far this year. As a result, 2018 is on track to exceed 2017, when 1.67 million withdrawals...

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