HMRC receives reports of 251,000 flexible pension payments

Some 251,000 flexible payments from pensions were made in the six months since the pension freedoms were introduced in April 2015, according to statistics from HM Revenue and Customs (HMRC).


Its Flexible payments from pensions: October 2015 statistical bulletin found that 121,000 flexible pension payments were made in the second quarter of 2015 and 130,000 in the third quarter.

Around 84,000 pension savers received a flexible payment between April and June 2015, while 81,000 received a payment in July-September.

The value of all flexible pension payments reported to HMRC for April-September 2015 totalled approximately £2.72 billion, £1.56 million of which was in the second quarter of 2015 and £1.17 million in the third quarter.

The figures are based on data reported to HMRC; they are not comprehensive because mandatory industry reporting does not come into effect until April 2016.