The tax year ushered in a range of changes to pension allowances, including a major change to the lifetime allowance. We recap what these are so you know how to take advantage of them.
There are significant financial and emotional aspects of leaving retirement you should be aware of before you perform a U-turn. This article explains three things to consider.
Withdrawals from pensions reaches £45bn
By Jean-Baptiste Andrieux 30
th April 2021 12:20 pm
The amount withdrawn from pensions has hit £45bn since April 2015, according to HM Revenue and Customs.
The latest statistics published today covers “flexible payments” from pensions including full or partial withdrawals.
Some 383,000 accessed their pension in the first three months of 2021, a 6 per cent increase compared to the last quarter of 2020.
Average per person withdrawals rose from £6,583 in the last quarter of 2020 to £6,800 in Q1 2021. However, this is 4% less than one year ago.
Just Group group communications director Stephen Lowe warned that HMRC’s figures are “only the tip of an iceberg”, as billions in pension withdrawals, such as tax-free cash and small pot withdrawals, are not included in the calculations