Overview

• DWP data show three million savers have withdrawn £103 billion flexibly since 2015, with 71% of withdrawals made by people under 65 including 43% from those under 60
• Reported totals omit initial tax-free lump sums and annuity purchases, leaving hidden gaps in the true amount of pension cash accessed
• Retirement specialists warn that substantial early drawdowns risk leaving savers with insufficient income in later life
• The Financial Conduct Authority has described flexible withdrawals as “the new norm” while industry experts call for improved guidance and consumer protections
• The UK government will raise the minimum pension access age from 55 to 57 in April 2028 as part of broader pension reviews