Pension withdrawals on the rise, HMRC data reveals

Pension withdrawal data has led to some raising concerns over savers ‘raiding’ their pensions unsustainably.

Senior couple using laptop at home Pension withdrawal
(Image credit: Getty Images)

Huge sums of money were withdrawn from private pensions in the first half of the year, new data from HM Revenue & Customs (HMRC) reveals.

The figures show that between January and June of this year a total of £7.5 billion was withdrawn by 1.1 million people from private pensions. The number of pension withdrawals shot up by 17% from the same period in 2022, while comparing back to 2020 the jump is an even more significant 67%.

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John Fitzsimons

John Fitzsimons has been writing about finance since 2007, and is a former editor of Mortgage Solutions and loveMONEY. Since going freelance in 2016 he has written for publications including The Sunday Times, The Mirror, The Sun, The Daily Mail and Forbes, and is committed to helping readers make more informed decisions about their money.