The number of DB to DC transfers has declined alongside the number of annuities purchased, according to the latest retirement income market figures from the Financial Conduct Authority (FCA).
Between 1 April 2018 and 31 March 2019, some 645,000 pension plans were accessed to buy an annuity, move into drawdown or take a first cash withdrawal. Of those, 350,000 pension pots were fully withdrawn at the first time of access, 90% of which were less than £30,000 in value. The number of individuals fully withdrawing their pension decreased as the size of their pension increased. Some 316,605 individuals with pots valued below £30,000 fully withdrew their pension, compared to just 355 individuals with a pot valued at £250,000 and above. Meanwhile, the share of those using pla...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes