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 But the average amount withdrawn is down to £8,200.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.”
Notes to Editors
Flexible Payments from Pensions data can be found here
For further information please contact:
Helen Morrissey, Corporate PR Specialist – Long Term Savings
- Email: email@example.com
- Tel: 0203 272 5433
- Mob: 07919 170 712
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.