The amount of money withdrawn from pensions jumped by more than a third in 2024/25, with savers taking out £70.9bn compared to £52.2bn the previous year, according to the Financial Conduct Authority's (FCA) latest Retirement Income Market Data.
The regulator said nearly one million pension plans were accessed for the first time during the year – 961,575 in total, up 8.6% on 2023/24. Sales of drawdown policies recorded the largest rise,...
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