Since the introduction of the pension freedoms in April 2015, the FCA has collected retirement income data from regulated firms. The data enables the FCA to monitor developments in the market, for example, to gain insights into what action consumers take the first time they access a pension pot.
Previously published data for periods up to March 2018 is also included in separate tables. The data for these periods was drawn from a representative sample of firms. The FCA started collecting data from all regulated firms that provide retirement income products from 1 April 2018. Given the change in the reporting population, it advised users to be careful if comparing the two data sets from before and after April 2018.
What’s included in the data
- Numbers and types of pension plans accessed for the first time.
- Number of plans where the plan holder made a regular or ad hoc partial withdrawal.
- Use of advice when purchasing retirement products.
- Types of annuity options sold.
- Sources of business for retirement product providers.
- Number of defined benefit (DB) to defined contribution (DC) pension transfers received.
- Total value withdrawn by Pension Commencement Lump Sum (PCLS) and by all fully encashed plans.
- For the first time, we have included additional tables on stock data and advice on drawdown. This can be found in the underlying tables 19, 19A, 19B, 19C and 20.