Chancellor reveals £1bn cashed in since pensions freedom

The Chancellor has told the House of Commons 60,000 savers have taken out a total of £1bn since April, when pensions freedom came into effect.

George Osborne announced the figures yesterday, revealing that investors withdrew a total of £1bn from their pots at an average of about £17,000 each. The government has reformed the retirement income space over the last year to allow all savers over the age of 55 more flexibility in the way they access their pension savings. Osborne (pictured) said the unprecedented pension freedoms "have been widely welcomed", calling the reform "a real success". But he added: "We have to make sure that people get the best advice, that the market responds and that companies up their game in helpi...