lump

Pensioners hit pause on lump sum withdrawals during pandemic

Pension savers over the age of 55 have cut back on the amount of money they are withdrawing from their pot since the start of the pandemic.

Nathan Long of Hargreaves Lansdown, an investment shop, said investors were taking a practical approach to recent stock market falls.

The average withdrawal per person fell by 6pc in March compared with a year earlier, while the number of one-off lump sum payments from pensions dropped by 7pc.

“Dipping into cash savings to supplement lower drawdown payments during tougher stock market conditions is a really sensible approach,” Mr Long said.

March and April

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