HMRC have released figures that show pension savers have cashed in £21.69 billion from their pension pots since pension freedoms were introduced in April 2015.
Over 4.86 million taxable payments have been made using pension freedoms, with 258,000 people accessing nearly £2 billion flexibly from their pension pots over the last 3 months, according to published HMRC figures
|Year and Quarter||Number of payments (1)||Number of individuals (1)||Total value of payments (2,3)|
|2015 Q2||121,000||84,000||£1,560 m|
|2015 Q3||130,000||81,000||£1,170 m|
|2015 Q4||123,000||67,000||£800 m|
|2016 Q1||142,000||74,000||£820 m|
|2016 Q2||296,000||159,000||£1,770 m|
|2016 Q3||324,000||158,000||£1,540 m|
|2016 Q4||393,000||162,000||£1,560 m|
|2017 Q1||381,000||176,000||£1,590 m|
|2017 Q2||403,000||200,000||£1,860 m|
|2017 Q3||435,000||198,000||£1,590 m|
|2017 Q4||454,000||198,000||£1,504 m|
|2018 Q1||500,000||222,000||£1,697 m|
|2018 Q2||574,000||264,000||£2,270 m|
|2018 Q3||585,000||258,000||£1,960 m|
|Total: 2015 Q2 - 2016 Q1 (4,5)||516,000||232,000||£4,350 m|
|Total: 2016 Q2 - 2017 Q1 (4,5)||1,393,000||393,000||£6,450 m|
|Total: 2017 Q2 - 2018 Q1 (4,5)||1,791,000||375,000||£6,650 m|
|Total: 2018 Q2 - 2018 Q3 (4,5)||1,159,000||363,000||£4,230 m|
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.
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.
Please note that this document was prepared by a third party and as such Brewin Dolphin is not responsible for the content or able to answer queries on the topics dealt with. While we believe it to be correct at the time of writing, Brewin Dolphin is not a tax adviser and tax law is subject to frequent change. Therefore you should not rely on this information without seeking professional advice from a qualified tax adviser, who should also be able to assist you with any questions on the content.
This document was prepared as a general guide only and does not constitute tax or legal advice.