Savers taking advantage of new pension freedom

News update from CFM (UK) Ltd: HMRC data has revealed savers have withdrawn at least £4.35bn from pensions in the year since new flexibilities were introduced in April 2015, with 232,000 people taking advantage of the new rules. In the first quarter after the change, 84,000 individuals withdrew a total of £1.5bn, and in the first three months of 2016 the total withdrawn was £820m. Gareth Shaw, head of consumer affairs at Saga Investment Services, said the amount of tax revenue generated “is likely to have well exceeded the government’s initial tax expectations of £320m.”

The Guardian   Financial Times

Posted on April 28th 2016

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