Savers pulled £400m from retirement funds at Royal London last year amid uncertainty over the Budget, the mutual said.
It followed speculation over possible changes to the rules on tax-free lump sum withdrawals.
They ultimately did not take place, but Royal London said many savers were ‘not on track for an adequate level of retirement income’.
It added: ‘Fiscal uncertainty, particularly in the run-up to the Budget, has also meant that more customers have accessed their pension savings early.’
Uncertainty: Savers pulled £400m from retirement funds at Royal London last year
It follows the disclosure by investment platform AJ Bell that its savers pulled about £600m from their pension pots before the Budget.
Royal London reported an 18 per cent increase in operating profit to £327m.
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