31 July 2019

Enthusiasm for pension freedoms remains high with record level of pension withdrawals in Q2 2019

2 min read

 
Helen Morrissey, Personal Finance Specialist

Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Helen Morrissey, pension specialist at Royal London comments on July's Flexible Payments from Pensions figures.

“Today’s figures show that enthusiasm for the pensions freedoms remains high with a record level of pension withdrawals and a record number of people taking money out of their pensions.   But the average amount withdrawn is down to £8,200. This compares to £8,600 a year earlier. This could indicate that people are taking a prudent approach of taking smaller amounts as and when they need it as opposed to taking all of the money at once. This flies in the face of initial fears that people would empty their pots and leave themselves vulnerable in later retirement.”

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Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £130 billion, 8.8 million policies in force and 4,046 employees. Figures quoted are as at June 2019.