The FCA collected data from retirement income providers covering an estimated 95% of assets in contract based pensions to enable it to monitor and track changes in the market. The information is helping to inform the FCA’s approach to regulation of the market.
The Government’s pension reforms brought about significant changes in the way consumers can access their pensions and the data provides insight into how people are using the new freedoms.
The report covers:
• Choices made by consumers accessing their pensions;
• Guaranteed annuity rates – levels taken up and not taken up;
• Levels of pension withdrawals for customers making a partial withdrawal;
• Use of regulated advisers;
• Consumers’ stated use of Pension Wise;
• Whether consumers change providers when accessing their pensions.
Retirement income market data will be published quarterly. The data published today concerns the second quarter following the pension reforms and may not reflect longer term trends.
