Commenting on today’s statistics showing flexible payments from pensions, Helen Morrissey, pension specialist at Royal London, said:
“Today’s figures show that people’s appetite for the pension flexibilities remains undimmed with £1.9bn being taken in Q.4 2018 alone. Since inception some £23.5bn has been taken flexibly from pensions. Whereas in the past the vast majority of people only really had the option of purchasing an annuity and living off a fixed income for the rest of their lives they now have the freedom to take their money as they wish. However, before making the decision to take pensions flexibly whether through drawdown or in a lump sum care must be taken to ensure the level of income is sustainable and that people do not run out of money too early.”
Notes to Editors
Flexible Payments from Pensions statistics can be found here:
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.