£2.4 billion was pulled from pensions in the three months to the end of December last year, a 6% increase year-on-year from £2.2 billion withdrawn throughout the same months in 2019, according to new HMRC data.
360,000 individuals withdrew from pensions flexibly thru October, November and December 2020, a 10% increase from 327,000 during the same months of the previous year.
There was a 4% rise in the number of individuals withdrawing in the 3 months to the end of December, compared with the previous three months.
The number of individuals making flexible #pension withdrawals in the UK typically drops in July, August and September after peaking in April, May and June. October, November and December typically see a slight drop in the numbers of individuals withdrawing said HMRC.
HMRC said the change in #pension withdrawal behaviour “may be attributable to the impact of the COVID-19 pandemic”.
The average amount withdrawn per individual throughout October, November and December 2020 was £6,600, falling by 3% from £6,800 during the same months in 2019
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