A record £9.4billion was withdrawn from pension pots last year, according to HMRC figures. That’s almost £2billion more than the £7.8billion emptied out of savings in 2018. The figures, released yesterday, caused alarm in the industry. . . Andrew Tully, technical director at investment giant Canada Life, said: “Treating your pension like a bank account shows no sign of abating. If anything, people are seeking to strip cash from their pensions as rapidly as possible. “The genie is well and truly out of the bottle.” Steve Wilkie, of retirement mortgage firm Responsible Life, said: “This is an area regulators need to watch closely.” Earlier this month is was announced £33million is being taken away from people's pensions as the Government ends the allowance for adult dependents. Designed to help people with someone else relying on them, the benefit is worth £70 a week, but will stop being paid in April. Steve Webb, Royal London policy director, said: "Under the old state pension system, people claiming a retirement pension could get a significant extra amount for a spouse who was financially dependent upon them." Record amount being drawn from pension pots sparks fears of cash shortage Pensions,HMRC
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