Surprise!

[XFool]

Over-55s are burning £28BN by grabbing cash early from their pensions: The drawbacks of making regular withdrawals

https://www.thisismoney.co.uk/money/pen ... sions.html

More than 300,000 people are now making regular withdrawals from a pension
More than half of those dipping in early are full-time workers
Many people are at risk of burning through their pension cash before they retire

Uh huh.

[ursaminortaur]

Over-55s are burning £28BN by grabbing cash early from their pensions: The drawbacks of making regular withdrawals

https://www.thisismoney.co.uk/money/pen ... sions.html

More than 300,000 people are now making regular withdrawals from a pension
More than half of those dipping in early are full-time workers
Many people are at risk of burning through their pension cash before they retire

Uh huh.

From the article

The company's findings come in the wake of data from HM Revenue & Customs showing that 336,000 savers withdrew a record £2.75billion from their pension funds between March and June this year.

In the four years since rules were introduced allowing access to pension funds from age 55, more than £28billion has been taken out by nearly 2.2million people.

So on average the 336,000 took out £8,185 each and the 2.2 million took out £12,728 each.

The average pension pot is apparently about £50,000

https://inews.co.uk/inews-lifestyle/money/how-to-retire-on-the-average-pension-pot-of-50000/

So the average tax free lump sum would be £12,500.

Thus it looks to me as though this is all scaremongering with most people not taking out much beyond the tax free lump sum.