FCA pension data shows 43% withdrawing at 8% rate

The latest figures have been dubbed as a 'worrying' trend

Ayesha Venkataraman
clock • 2 min read
The latest FCA pension data
Image:

The latest FCA pension data

More than 160,000 people took annual withdrawals of more than 8% from their drawdown pot, according to the latest data from the Financial Conduct Authority (FCA).

The FCA has revealed its analysis of the latest retirement income data between April 2020 and March 2021, finding that while most of these high withdrawal rates were largely from smaller pensions, ...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Several pension providers attain gold financial wellness ratings

Several pension providers attain gold financial wellness ratings

Survey finds highest number of gold ratings awarded for addressing vulnerable customers

Martin Richmond
clock 25 April 2024 • 2 min read
Clara Pensions appoints Broadstone as TPA

Clara Pensions appoints Broadstone as TPA

Follows Clara’s superfund deal with Debenhams scheme for which Broadstone administers

Holly Roach
clock 25 April 2024 • 1 min read
Industry reacts to TPR's 'scaled back' annual funding statement

Industry reacts to TPR's 'scaled back' annual funding statement

Statement highlights ‘radical transformation’ of scheme funding positions

Jasmine Urquhart
clock 24 April 2024 • 5 min read
Trustpilot