£1 billion withdrawn from Pension Funds!

Chancellor George Osborne has revealed the first official figures on how many people had taken advantage of the new pension freedoms. So far in the few weeks since they came into effect, 60,000 people have made use of the new rules by transferring out some £1 billion from their pension funds. The tax man is certainly a winner as many of the claimants will be taxed at emergency rates up to 45%.

So where has the rest gone?