Pension freedom withdrawals top £8bn in first year - ABI data

Stats for 12 months of reforms

Jenna Towler
clock • 3 min read

Total payouts in the first year of pension freedom reached £8.2bn, according to data from the Association of British Insurers (ABI).

Figures released today state £4.3bn was paid out through 300,000 lump sum payments, at an average of £14,500. Some £3.9bn was also released from pension pots through 1.03 million drawdown payments, the body said. Average drawdown withdrawals were £3,8000. The figures cover the first complete year of pension freedom, which began in April 2015. The ABI also said since the reforms came in £10.3bn had been invested in new products. Some £4.2bn went into annuities with an average spend of £52,500. However, the drawdown market was the big winner with 90,700 drawdown products netting £6.1...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

FCA non-advised pension transfer plans branded 'anti-consumer'

FCA non-advised pension transfer plans branded 'anti-consumer'

AJ Bell blasts FCA’s plans as ‘worst kind of regulatory intervention’

Jenna Brown
clock 23 February 2026 • 3 min read
Advisers search for more than 100,000 pension transfers via Origo

Advisers search for more than 100,000 pension transfers via Origo

In first year

Isabel Baxter
clock 23 February 2026 • 1 min read
Pension consolidation deserves more respect than it gets

Pension consolidation deserves more respect than it gets

'For me, pension consolidation is a perfect illustration of why financial planning matters'

Andy Zanelli
clock 19 February 2026 • 5 min read