232,000 free up pension pots following reforms

More than 200,000 people have taken advantage of new pension freedoms since they were introduced last year, figures show.

The Treasury said a total of 232,000 people have benefited from flexible access to pensions following Government reforms.

In the second quarter of 2016 the number peaked at 159,000; however, this was partly down to the introduction of compulsory reporting in April.

Economic Secretary to the Treasury Simon Kirby said: “It’s only right that people should have a choice over what they do with their money and today’s figures show that pension freedoms continue to be a popular choice.”