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Accessing Pension Plans

The year to March 2023 saw a rise of 4.8% in the number of people accessing their pension plans for the first time. That’s according to data provided by the Financial Conduct Authority (FCA) following their analysis of firms active in the pensions market. Looking at the total number of pension pots accessed, over 43% contained less than £10,000; with less than 5% sitting in the top bracket, defined as pension accounts containing more than £250,000.

Interestingly, despite the increase in numbers of individuals accessing pension pots, the overall value of withdrawals fell by just under £2.5 billion. Annuity sales also saw a 13.6% fall. The numbers of defined benefits to defined contribution transfers also fell, perhaps reflecting the increasing push by the regulatory bodies to ensure individuals obtain advice on whether such transfers are in their long-term best interests. Having said that, just 32.9% of individuals took regulated advice prior to accessing their pension plans, a slight fall on the previous year.

If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.