2016年-FCA英国金融行为监管局_data20bulletin20suppl20apr2016_6页_1mb

Summary of Retirement Income Market Data: October - December 2015

Core Content

This document presents the retirement income market data collected from October to December 2015, as part of the FCA's ongoing monitoring of changes in the pension market following the 2015 pension reforms. The data is gathered from a representative sample of 56 firm groups, covering 94 pension and retirement income providers, and is estimated to represent 95% of defined contribution (DC) contract-based pension schemes assets.

The data includes key metrics such as the number of pension pots accessed, use of regulated advisers, annuity and drawdown purchases, and the uptake of Guaranteed Annuity Rates (GARs). It also highlights trends in consumer behavior, such as the shift in how consumers are accessing their pensions and the role of financial advice in these decisions.

Main Findings

Access to Pension Pots

• Total pots accessed for the first time: 127,094 (a 36% decrease from the previous quarter).
• Annuities purchased: 21,289 (17% of total pots accessed), a 9% decrease from the previous quarter.
• New drawdown policies entered and not fully withdrawn: 37,150 (29% of total pots accessed).
• UFPLS payments made for the first time: 3,045 (2% of total pots accessed).
• Full cash withdrawals: 65,610 (52% of total pots accessed), a 42% decrease from the previous quarter (113,100).

Consumer Behavior

• Adviser use:
  • 68% of drawdown and 42% of annuity purchases were recorded as using a regulated adviser.
• Customer loyalty:
  • 57% of annuity purchases were from existing providers.
  • 53% of drawdown purchases were from existing providers.
• GAR uptake:
  • 63% of GARs were not taken up in this quarter, compared to 68% in the previous quarter.
  • 75% of GARs in pots below £30,000 were not taken up.
  • The figure includes customers who are too young to exercise their GAR.

Withdrawal Rates

• The table below shows the percentage of pension pots withdrawn and the number of pots at each withdrawal rate:

• Customers aged 55 to 59 had the highest withdrawal rate, with 11% taking an income of 10% or more of their pot.

Key Information

• Pension freedoms: Since April 2015, there has been a gradual decline in the number of pension pots accessed for the first time, from almost 220,000 in the first quarter to 127,094 in the last quarter.
• Data revisions: Some data from the previous quarter has been revised due to corrections in reporting, which may have affected other figures.
• Pension Wise:
  • 20% of customers are estimated to have used Pension Wise, revised from 17%.
  • This data is provided on a 'best endeavours' basis and is considered indicative rather than definitive.

Methodology and Notes

• The data refers to the number of pots accessed and used, not the number of consumers, as some consumers may have multiple pension pots.
• Comparisons with the previous quarter are not always possible due to changes in the survey questions.
• Some data is based on estimates provided by firms, which may affect the accuracy and reliability of the figures.
• The sample of firms in this quarter was not exactly the same as in subsequent quarters, which may impact the comparability of data over time.

Conclusion

The retirement income market in the last quarter of 2015 showed a continued decline in the number of pension pots being accessed for the first time, with a significant drop in full cash withdrawals. Annuity purchases remained relatively stable, while drawdown policies and partial UFPLS payments increased. Adviser use was higher for drawdowns than for annuities, and customers with larger pension pots were more likely to use regulated advisers. The uptake of GARs continued to be low, with the majority of customers not taking them up. The data highlights the ongoing shift in consumer behavior and the importance of financial advice in retirement income decisions.