"They aren’t for all people all of the time, but when designed and deployed in the right way, often in combination with drawdown, they can provide consumers with the security of a guaranteed income", he added.
Earlier this week, figures from HM Revenue & Customs revealed that almost £16bn withdrawn from pensions since freedoms launched in April 2015.
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The average withdrawal per person hits new low of £7,596 in the fourth quarter 2017, down from £9,630 in quarter four 2016.
This suggests people are not mass-withdrawing their money as a result of the pension freedoms, as some had initially feared.
simoney.kyriakou@ft.com
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