People taking advantage of pensions freedom rules have withdrawn a total of £72.2bn from retirement funds since April 2015, with the first two quarters of 2023 seeing a pronounced surge in activity, according to analysis of latest HM Revenue & Customs (HMRC) figures.
Jon Greer looks at the abolition of the LTA, which he says was not the 'open season' for pensions as first reported due to the cap on tax-free cash swiftly put in its place.
Planned increases to the lifetime allowance (LTA) and annual allowance (AA), widely predicted to be announced in tomorrow’s budget speech, are good news for savers but may fail to attract the recently retired back into work, commentators have said.