Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how much tax revenue has been generated for the public purse from pension withdrawals in each financial year since April 2015.

From April 2015, individuals aged 55 or over have had the option to flexibly access their pension.

The latest estimate of the tax revenue from the introduction of pensions flexibility was set out in the Office for Budget Responsibility’s Economic and Fiscal Outlook in March 2017^[1]. This stated, in paragraph A.23, that £1.5 billion of tax revenue was received from pension flexibility in 2015-16, and £1.1 billion is forecast to be received in 2016-17.

[1] http://cdn.budgetresponsibility.org.uk/March2017EFO-231.pdf