Financial Conduct Authority
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FCA publishes latest Retirement Income Market Data

The Financial Conduct Authority (FCA) has yesterday published Retirement Income Market Data for the period from July to September 2015.

The 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.

The report covers: 

  • 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

Retirement income market data will be published quarterly. The data published yesterday relates to the second quarter following the pension reforms and may not reflect longer term trends.

Notes for editors

  1. Retirement Income Market Data: July-September 2015 [PDF]
  2. On the 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
  3. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  4. Find out more information about the FCA.

 

Channel website: https://www.fca.org.uk/

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