Since the government’s pensions freedoms were introduced in April 2015, savers have cashed in £9.2 billion from their pension pots.
According to recently released HMRC figures, over 1.5 million payments have been made using pension freedoms. Additionally, 162,000 people accessed £1.56 billion flexibly from their pension pots over the last 3 months.
The Economic Secretary to the Treasury, Simon Kirby, explained that giving people freedom over what to do with their savings is just the right thing to do.
Those who are choosing to access their pensions are also able to take advantage of the free and impartial government provided guidance service, Pension Wise, which has had over 3.7 million website visits and over 100,000 appointments to date.