£12.7bn flexibly withdrawn from pensions since April 2015 - https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/631129/Pensions_Flexibility_July_2017.pdf
Average withdrawal per person £9,300 in Q2 2017, down from £11,132 in Q2 2016 (see chart 1 below)
Average number of payments per person up, from 1.86 to 1.97, suggesting more people are setting up regular withdrawals
Tom Selby, senior analyst at AJ Bell, comments:
“The pension freedoms continue to be hugely popular, with evidence suggesting most people are accessing their retirement pot in a sensible way rather than ravaging their savings to splurge on fast cars.
“Average withdrawals per person have dropped year-on-year from £11,132 in Q2 2016 to £9,300 in Q2 2017 as the pension freedoms begin to settle following an initial surge in activity.
“The average number of payments per person has also crept up year-on-year, from 1.86 to 1.92, as savers increasingly set up regular income payments from their pension rather than taking single ad-hoc lump sums.
“While the evidence so far is encouraging, the FCA will need to keep a close eye on the market to ensure consumers continue to manage their withdrawals in a sensible, sustainable manner.”
Chart 1:
Chart 2:
