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FCA retirement income market data

The FCA released its retirement income data for 2022/23 on Tuesday 16th April.


2021/222022/23

Number of plansMonetary value (£000)Number of plansMonetary value (£000)
Total pots accessed for first time705,66145,638,188739,53543,199,189
Annuities purchased60,5745,153,15059,1634,060,947
New drawdown policies entered into and not fully withdrawn205,64131,794,619218,07429,867,353
Pots where first partial UFPLS payment taken and not fully withdrawn36,2713,693,21241,5714,002,707
Full cash withdrawals from pots being accessed for first time*395,2354,997,207420,7275,268,182


 A summary of the data shows:

  • Slightly more pots (4.9% higher) were accessed for the first time in 2022/23 than in 2021/22 (739,535 vs 705,661).
  • However the monetary value was down, suggesting more people took out slightly lower value withdrawals.
  • The percentage of customers using the different solutions has remained broadly constant.
  • In monetary terms the majority of funds go into drawdown.
  • In customer numbers most take full cash withdrawals.
  • Sales of annuities fell slightly, which is probably a surprise given rates have generally been good.
  • The number of DB transfers continued to fall.

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