THIS is how much savers are taking from pensions: How do YOU compare?

pension savingsThe typical withdrawal from nest eggs was £9,300 in the second quarter of 2017, official HMRC figures showed.

This has fallen from an average £11,132 in the same period last year.

However, the number of payments has increased, suggesting people are taking regular income rather than one-off lump sums.

Tom Selby, senior analyst at AJ Bell, said: “The pension freedoms continue to be hugely popular, with evidence suggesting most people are accessing their retirement pot in a sensible way rather than ravaging their savings to splurge on fast cars.

“While the evidence so far is encouraging, the Financial Conduct Authority (FCA) will need to keep a close eye on the market to ensure consumers continue to manage their withdrawals in a sensible, sustainable manner.”

[Source”timesofindia”]