Pension savers withdrew £9.4bn flexibly using the Pension Freedoms in 2020, new HMRC data reveals.

News this week that the Government will press ahead with plans to push up the age for accessing the Pension Freedoms from 55 to 27 by 2028 will have surprised some and disappointed many.

HMRC has reported that  £2.3 billion was withdrawn from pensions flexibly in Q2 - a 17% fall year-on-year from the £2.8 billion seen in Q2 2019.

The Pensions Regulator has warned savers looking to transfer their pension pot during the Covid-19 outbreak that the move is “unlikely” to be in their best long term interests.