Fear as £10bn is cashed in from pension pots in one year

Around £2.5billion was taken out in the first quarter of this year as people raided their retirement savings - up 19 percent on the same time in 2019. The number of savers taking advantage of pension freedoms to access their money is also at a high. Since their introduction in April 2015, 1.4 million people aged 55-plus have withdrawn £35.44billion - bringing total withdrawals for the tax year 2019/20 to £9.81billion.

About 348,000 people withdrew money in the first three months of this year - a jump of 23 percent on the same period in 2019 and the highest quarterly total since records started in 2015.

The average withdrawal was £7,100, slightly down on the £7,300 recorded between January and March last year, HM Revenue and Customs data revealed. But with retirements lasting as long as 30 years, people are being warned about the consequences of spending too much too quickly leaving them poor in their old age.

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