The latest pensions freedom news is that over 230,000 people have accessed over £4.3 billion in pensions saving under new pension freedoms introduced ayear ago, according to HMRC.
The statistics show that in the first year of new rules about accessing pension funds, £4.3 billion was accessed flexibly from their pension pots.
Government action on pensions freedom
The government is taking action to ensure the new freedoms work for consumers and that they have the right information to make informed decisions: with capping of early exit fees, allowing earlier access to Pension Wise guidance, and working with industry to introduce a Pensions Dashboard. More people will have the right to sell their annuities from April 2017.
Pensions freedoms statistics
Since the pension flexibility rules took effect last April:
• 232,000 individuals have accessed their money flexibly
• People have flexibly accessed over £4.3 billion of their money through 516,000 payments.
• In the most recent quarter, 74,000 individuals withdrew £820 million. In the previous quarter, 67,000 individuals withdrew £800 million.
Tax implications of pensions freedom
If you would like advice on the tax implications of pensions freedom please contact us.