FCA data: Annuity purchases and DB to DC transfers decline

Latest retirement income market figures

Hannah Godfrey
clock • 2 min read

The number of DB to DC transfers has declined alongside the number of annuities purchased, according to the latest retirement income market figures from the Financial Conduct Authority (FCA).

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 Of those, 350,000 pension pots were fully withdrawn at the first time of access, 90% of which were less than £30,000 in value.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...

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