The Government has today announced that £9.2 billion has been withdrawn since the pension freedoms were introduced.
https://www.gov.uk/government/news/over-92-billion-released-by-pension-freedoms
Gareth James, pension expert at AJ Bell, comments:
“Whilst it is good to see that the pension freedoms are being utilised by a large number of people, it is dangerous to use the £9.2 billion as a measure of success when it doesn’t tell us what people are doing with that money. Are they using it to provide a regular and sustainable income as pensions are designed to do, or are they spending it too quickly and likely to run out of money too quickly? It is important that the Government carries out a more detailed analysis of how the pension freedoms are being used before any realistic assessment of their success can be made.”