£1bn withdrawn from pension pots since April

£1bn withdrawn from pension pots since April

If you are covering the Chancellor, George Osborne’s comment in response to questions in the House of Commons earlier today that over £1bn has been withdrawn from pension funds since the pension reforms were introduced on April 6, 2015, please see the following comment from Old Mutual Wealth retirement planning manager, Adrian Walker, which I hope you find useful.

“The Chancellor has suggested that more than £1bn withdrawn from pension funds since the April reforms constitutes a success. The UK has a problem with saving, not spending, so care needs to be taken when deciding how to measure the success of the pension freedoms.  I would suggest that a more appropriate measure of success will not come for many years, when those people who have withdrawn money from their pensions are still enjoying the retirement they planned and saved many years for. ”

Categories: News, UK Pensions
Tags: reforms, UK

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