Fallout from COVID as number of people accessing pensions continues to rise

"“While the number of people accessing their pensions continues to rise the average amount being taken continues its downward trajectory. While this may point to people taking a measured approach to taking their retirement income we cannot discount the potential impact of COVID with more people having to access their pensions to either supplement their own income or help out family members who have been negatively affected. Depending on the life stages of those withdrawing money there may be a looming black hole in the nation’s pension savings.”