FCA data: Annuity purchases and DB to DC transfers decline

Between 1 April 2018 and 31 March 2019, some 645,000 pension plans were accessed to buy an annuity, move into drawdown or take a first cash withdrawal. Of those, 350,000 pension pots were fully withdrawn at the first time of access, 90% of which were less than £30,000 in value. The number of individuals fully withdrawing their pension decreased as the size of their pension increased. Some 316,605 individuals with pots valued below £30,000 fully withdrew their pension, compared to just 355 individuals with a pot valued at £250,000 and above.   Meanwhile, the share of those using pla...