01252 711244 |

Over £9.2 billion released by pension freedoms

6th March 2017

Over £9.2 billion released by pension freedoms

Hundreds of thousands of savers have cashed in £9.2 billion from their pension pots since pension freedoms were introduced in April 2015.

In April 2015, the government introduced significant pension reforms giving people the ability to access their pension savings how and when they want. Over 1.5 million payments have been made using pension freedoms, with 162,000 people accessing £1.56 billion flexibly from their pension pots over the last three months, according to HMRC figures.

The Economic Secretary to the Treasury, Simon Kirby, said:

'Giving people freedom over what they do with their hard-earned savings, whether it's buying an annuity or taking a cash lump sum, is the right thing to do. These figures show that people continue to take advantage of the choices on offer: choices only made available since the government's landmark pension freedoms were introduced in April 2015. We are working with our partners, including Pension Wise, the regulators and pension firms, so that savers have the support they need to understand the options available to them. The statistics show that in the first year of these new rules being available, more than 232,000 people have accessed £4.3 billion flexibly from their pension pots.'

 

CLIENTS WORDS

We are extremely satisfied with the tax and audit services provided for all of the companies in our group. They go out of their way to accommodate our requirements and are very professional, friendly and reliable.
Medium global consulting and trading group client

LATEST NEWS

20th July 2017
Staff exam passes

19th July 2017
Fit for business

18th July 2017
Making Tax Digital update

DOWNLOAD OUR TAX APP

Wise & Co. tax app

All the latest tax rates, tips and calculators at your fingertips.

iOS Android