approximately £2.5bn has been withdrawn since the current rules were introduced three months ago,the ABI saysFour out of five cash lump sums paid out from pension pots have been to people aged under 65, figures note. Pension rules were relaxed in April to make it easier for savers aged over 55 to access cash from their retirement funds rather than buying an annuity to provide them with an income. But the organization of British Insurers, and which represents pensions companies,said that in the first three months of the current regime around 60% of all cash lump sums paid out went to people younger than 60, and around 80% to under-65s.
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Source: theguardian.com