Only a minority of people are withdrawing too much soon from their pension pot
Savers are taking a ‘sensible approach’ when accessing their pension, according to data released by the Association of British Insurers (ABI).
The data shows that 57% of pots have had 1% or less withdrawn from them in the last quarter. A further 4% of pots had 10% or more withdrawn in 1 go.
55% of cash withdrawals were for less than £10,000. For savers who cashed in their entire pot, 96% were worth less than £10,000.
there were 300,000 lump sum payments totalling £4.3 billion (an average withdrawal of £14,500)
£3.9 billion has been paid out in 1.03 million drawdown payments (with an average payment of £3,800)
£4.2 billion has been invested in annuities (with an average fund of £52,500)
£6.1 billion has been invested in 90,700 drawdown products (with an average of £67,500).