Pensions

HM Treasury written question – answered on 25th March 2015.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask Mr Chancellor of the Exchequer, with reference to paragraph 1.164 of Budget 2014, what estimate he has made of the number of people who have taken their pension pots as a lump sum as a result of the decision to increase the small pot limit from £2,000 to £10,000 and the number of pensions that can be taken as small pot lump sums from two to three.

Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.57 of Budget 2014, what estimate he has made of the number of people who have cashed in their pension pots in a lump sum as a result of the decision to increase the upper limit for trivial commutation from £18,000 to £30,000.

Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.54 of Budget 2014, what estimate he has made of the number of people who have accessed flexible drawdown as a result of the decision to reduce the guaranteed income requirement from £20,000 to £12,000.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.

This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf

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