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.
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