31 July 2020

Dip in numbers accessing pensions is a short term blip

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 today’s (31 July) Flexible Payments from Pensions data.

“Today’s figures show the impact of Coronavirus with many people effectively pressing the pause button on their retirement plans. We have seen a 17% decrease in the amount withdrawn from pensions compared to the same period last year while the numbers of people choosing to access their pension has decreased since last quarter.

"However, we expect this to be a short term blip - with £37bn withdrawn since the advent of Freedom and Choice in 2015 it is clear to see there remains a strong appetite for pension flexibilities.”

-ENDS-

Notes to Editors

The data can be found here.

 

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £138.9 billion, 8.6 million policies in force and 4,126 employees. Figures quoted are as at 31 December 2019.