£9.2bn withdrawn from pension pots since Freedom and Choice

Stephanie Baxter
clock • 2 min read

Flexible payments from pension rose to £5.7bn in 2016 as people increasingly sought to take advantage of the freedoms, according to HM Revenue and Customs' (HMRC) figures.

The total amount taken out has reached £9.2bn since Freedom and Choice came into force in April 2015. The figures are based on flexible pension payments reported to HMRC. They reveal that the la...

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 Law and Regulation

From automatic enrolment to automatic adequacy?

From automatic enrolment to automatic adequacy?

SPP's Calum Cooper says the next stage of reform should focus on adequacy rather than simply participation

Calum Cooper
clock 30 October 2026 • 3 min read
Budget 26: Government to remove two-year tax rule on lump sum death benefits

Budget 26: Government to remove two-year tax rule on lump sum death benefits

Changes will also be made to how tax due on excess lump sum death benefits is collected

Jonathan Stapleton
clock 28 October 2026 • 3 min read
Budget 26: Government confirms changes to HMRC terminal illness definition

Budget 26: Government confirms changes to HMRC terminal illness definition

Move will make it easier for people at the end of their life to access their pension savings

Jonathan Stapleton
clock 28 October 2026 • 2 min read
Trustpilot