Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.57 of Budget 2014, what estimate he has made of the number of people who have cashed in their pension pots in a lump sum as a result of the decision to increase the upper limit for trivial commutation from £18,000 to £30,000.

As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.

This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf