230,000 use pension freedoms in first year

In the most recent quarter, 74,000 individuals withdrew £820 million.
 
The Economic Secretary to the Treasury, Harriett Baldwin, said:

"It’s only right that people should have a choice over what they do with their money and in their first year our successful pension freedoms have already given thousands of people access and responsibility over their hard-earned savings.

"We will continue to make sure that the pension freedoms work well for everyone, including through working with our partners to ensure consumers are protected and that there is simple information to help people understand their options."

The government recently announced that it will be capping early exit fees, allowing earlier access to Pension Wise guidance, and working with industry to introduce a Pensions Dashboard.

It has also announced that it is extending the freedoms, allowing people to sell their existinf annuities from April 2017.