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30 April 2020

People taking measured approach rather than raiding pension piggy bank

3 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 responds to today’s data on Flexible Payments from Pensions.

“Today’s data shows people have made full use of pension flexibilities with more than £35bn being withdrawn since the freedoms were introduced. However, the average amount withdrawn continues to drop which demonstrates people are taking a more measured approach to drawing pension income rather than raiding the pension piggy bank at the first opportunity.”

-ENDS-

Notes to editors

Link to the data can be found here at:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/881541/Pension_Flexibility_Statistics_April_2020.pdf

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 £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.