NEW: The number of over-55s in the UK emptying their pension pots near doubled from the start of the pandemic according to new figures from the Association of British Insurers.

The number of full withdrawals was up 94% in September compared with April's figure, said the ABI.
More ABI pandemic pension market data.

Comparing April and September this year:

- Number of people taking only a tax-free lump is up 55%.
- Number of people buying a guaranteed income for life (annuity) increased by 41%.
The ABI attributed the jump in pension withdrawals to a combination of factors including some people returning to withdraw after pausing earlier in the year - due to stock market volatility - and some people needing the money after a change in circumstances.
The ABI noted that in spite of the recent increase in savers accessing their pensions, withdrawals levels were still below 2019.
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