Pension Freedoms Statistics: £15.7bn From April 2015
Share
Over 3.2 million taxable payments have been made using pension freedoms, with 198,000 people accessing £1.5 billion flexibly from their pension pots over the last 3 months, according to published HMRC figures.
There has been some discussion on the reason for the reduction of the average payment per individual in the last quarter but because providers don’t record the reason for the payments, it will all be speculation. It does appear though that the number of individuals accessing payments may have stabilized around the 200,000 mark each quarter but that could also just be coincidence.
| End quarter | Number of payments (1) | Number of individuals (1) | Total value of payments (2,3) |
| 2015 Q2 | 121,000 | 84,000 | £1,560m |
| 2015 Q3 | 130,000 | 81,000 | £1,170m |
| 2015 Q4 | 123,000 | 67,000 | £800m |
| 2016 Q1 | 142,000 | 74,000 | £820m |
| 2016 Q2 | 296,000 | 159,000 | £1,770m |
| 2016 Q3 | 324,000 | 158,000 | £1,540m |
| 2016 Q4 | 393,000 | 162,000 | £1,560m |
| 2017 Q1 | 381,000 | 176,000 | £1,590m |
| 2017 Q2 | 403,000 | 200,000 | £1,860m |
| 2017 Q3 | 435,000 | 198,000 | £1,590m |
| 2017 Q4 | 454,000 | 198,000 | £1,504m |
Notes to the table
i) The numbers published for 2015-16 are not comprehensive as to manage the burden on industry reporting was optional for 2015-16 but compulsory from April 2016. The increase in reported payments seen in 2016 Q2 is expected to partly result from this.
ii) The data underpinning these figures comes from Real Time Information (RTI) reports submitted to HMRC.
Footnotes
1. Figures are rounded to the nearest 1,000.
2. Figures are rounded to the nearest £10 million.
3. Includes taxable payments only.
4. The number of individuals for the year totals are less than the sum of the number of individuals from each quarter as some have taken payments in multiple quarters.
5. Quarterly figures may not sum to total due to rounding.
Source: https://www.techlink.co.uk/
Share
Other News
Podcast: Everything you need to know about the circular economy but were afraid to ask
In the latest Schroders podcast, Fund Manager Jack Dempsey joins David Brett in the pod to discuss investing in the circular economy.
The 100-year Life: Are you prepared?
We all want to live a long and fulfilled life, and that includes being able to enjoy our retirement years to the full. However, as we all begin to live longer, concerns have been raised over the Government’s ability to fund the futures of our ageing population.
Podcast: What’s in store for 2025?
In the latest Investor download, Johanna Kyrklund, Nils Rode and George Brown from Schroder Investment Solutions, discuss the themes investors should keep an eye on 2025.