The Financial Conduct Authority (FCA) has collected data from retirement income providers covering an estimated 95% of assets in contract based pensions to enable it to track and monitor 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.

This report covers the period of July to September 2015, and the following topics:

  • 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

The analysis and findings of the data are set out in detail in the report however they have produced a short summary of the key findings in the graphic.

 

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