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Stephen Lowe: Why official pension freedoms data is all wrong By Stephen Lowe 27 th April 2021 12:08 pm HM Revenue & Customs’ flexible payments from pensions figures – the latest of which are due to be published this week – are often seized upon as evidence there is no ‘panic’ of over-55s cashing in due to either the Covid-19 pandemic or pension freedom generally. Before we get too comfortable, let’s remember the withdrawals these figures cover are only the tip of an iceberg and many billions in pension withdrawals are not included – specifically, tax-free cash and small pot withdrawals. My view is that people finding they have a need for cash are more likely to first take tax-free cash or cash-in a small pot pension (neither are shown in these HMRC figures) rather than touch their main retirement fund. These withdrawals are not trivial and could have a significant impact on an individual’s finances in retirement.

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