Britain embraces 'pension freedoms' as withdrawals hit new record

The Telegraph, Friday 2 November 2018

Hundreds of thousands of pensioners made a record number of withdrawals from their savings pots in last three months, as the flood of those seeking to take personal control of their retirement shows no sign of abating.

Between July and September, 258,000 pensioners made 585,000 withdrawals from their retirement funds, the highest number since April 2015, when the rules were relaxed to permit treating pensions like bank accounts.

The latest figures, published today by HM Revenue and Customs, reveal in the three-and-a-half years of pension freedoms, nearly 5 million withdrawals have been made by over 1.3 million people, totalling £21.6bn.

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