Pensions

(asked on 9th July 2018) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government how many people under 65 years old have accessed their pensions in each year since 2015; and of those, how many were accessed through (1) a pension drawdown, and (2) an annuity.


Answered by
Lord Bates Portrait
Lord Bates
This question was answered on 23rd July 2018

The government does not hold information on access to pensions in this format.

The Financial Conduct Authority’s Retirement Outcomes Review[1] collected retirement income data from 56 pension providers. From the providers surveyed, it found that the following products had been purchased by consumers under age 65 accessing their defined contribution pot for the first time:

Year

Annuities

Drawdown

Oct 2015 – Sept 2016

82,391

163,632

Oct 2016 – Sept 2017

70,452

181,633

[1] https://www.fca.org.uk/publication/market-studies/ms16-1-3.pdf

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