Overview

• Pension take-outs rose 35.9% year on year to more than £70 billion, according to newly released FCA data.
• Accesses of large pots jumped, with 33,475 pensions over £250,000 tapped between October 2024 and March 2025 versus 18,385 a year earlier.
• Only 30.6% of plans accessed for the first time involved regulated advice, a slight decline from 30.9% in 2023/24.
• Annuity purchases increased 7.8% to 88,430 in 2024/25, indicating a modest shift toward guaranteed income.
• Experts link the surge to policy uncertainty, including the confirmed 2027 inheritance tax change and speculation over tax‑free cash limits, and warn of risks to long‑term retirement income.