The FCA has published its latest retirement income market data update. The analysis provides a summary of the latest data covering the year from 1 April 2024 to 31 March 2025 (2024/25). The data enables the FCA to monitor developments in the market, for example to track what action consumers take the first time they access a pension pot.
Key findings include:
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Total number of pension plans accessed for the first time in 2024/25 increased by 8.6% to 961,575 compared to 2023/24 (885,455).
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The overall value of money being withdrawn from pension pots increased to £70,876m in 2024/25 from £52,152m in 2023/24. This is an increase of 35.9%.