Over £2billion of Pensions Cashed-in
June 10th, 2015
Since the pension reforms were introduced in April 2015, over £2 billion of pension funds has been cashed in, says the Mail. Providers say the vast majority of funds that have been wholly encashed were under £30,000 and most encashments have been by people age 55 to 60. Though older people also have the right to encash, they appear not to be doing so.
Experts say pension fund encashments for the year are likely to top £5 billion, but this is still a very small fraction of the total sums held in funds by individuals.