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Data reveals a drop in UK pension cash-outs

Data released by the UK’s Financial Conduct Authority has shown a drop in the number of people accessing their pensions since the pension freedoms were introduced in April 2015.

From 1 October to 31 December 2015 the survey covering an estimated 95% of contract based schemes in the UK showed a drop of 36% from the previous quarter’s figures. The number of full cash withdrawals by new customers over the same period was also down 42% from the previous quarter. Customers aged 55 to 59 had the highest level of withdrawals as a percentage of their pension pot with 11% of these customers taking an income of 10% of their pension pot.

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