Think before you act – pensions withdrawals

3rd September 2020

In the first quarter of the year, nearly £2.5bn was withdrawn from pensions. This represents a 19% increase on Q1 2019 withdrawals and the highest recorded Q1 of any year since pensions freedoms began1.

The total value of flexible withdrawals from pensions, since flexibility changes in 2015, has now exceeded £35bn.

Take your time to make the right decision

With pensions designed to provide you with an income throughout your retirement, it is sensible to consider all your options before making any decisions. You will have less to live on in the future if you take out more money than you need or start to withdraw funds sooner.

 

1HMRC, Apr 2020

The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.

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