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The payments have been made to 146,000 individuals since April, HMRC said. The new pension regime, which came into force in April, allows members of defined contribution pension schemes to take more than 25% of their savings as a cash lump sum at age 55, without incurring heavy tax penalties or necessarily having to purchase an annuity from an insurer. According to HMRC, £1.5bn of pension payments were made in the second quarter of 2015, and £1.2bn in the third. HMRC did not say how much tax had been paid on the cashed-in funds since April. Any withdrawal above 25% of a saver's fund will be subject to their marginal rate of income tax.