HMRC under fire for 'incomplete' pensions freedom data

Payouts likely well short of actual figure

HMRC has come in for criticism for publishing incomplete figures detailing the number of 'flexible' pension payouts made since the retirement reforms were introduced in April.

Payments worth £2.7bn have been made in the first six months since the widespread reforms were granted, figures from HMRC suggest. However, as providers are not obliged to report on withdrawals until April next year, the data is incomplete, HMRC said. Indeed, statistics published by the Association of British Insurers in July reflecting the actions of its members, suggested payments worth £1.8bn were made in the first two months - April and May - alone. In the first three months, the ABI later announced, providers paid out almost £2.5bn in cash and income drawdown payments. Govt...