The amount of money withdrawn from pensions jumped by more than a third in 2024/25, with savers taking out £70.9bn compared to £52.2bn the previous year, according to the Financial Conduct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,...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here
