Pension withdrawals Hit 2.3 Billion! Jan 05, 2026

There's growing evidence that pensioners are treating their pension pots more like bank accounts. In the second quarter of this year, savers withdrew £2.3bn, according to data produced by HM Revenue and Customs, an increase of 35% on the first quarter.

The money withdrawn represented full or partial withdrawals, flexible drawdown or the purchase of a flexible annuity, with more younger people accessing their pensions, often before state pension age.

How cashflow planning can help

Planning your likely cashflow can help you identify how much you can sustainably withdraw from your pension, without jeopardising your future financialsecurity and wellbeing.