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Surge in pension withdrawals amid policy uncertainty ‘very worrying’


By Jack Gray

The pensions industry has voiced its concerns over the surge in pension withdrawals revealed in the Financial Conduct Authority’s (FCA) latest Retirement Income Market Data analysis.

LCP noted that, over the past two years, additional withdrawals were driven by speculation around a cap on tax-free cash ahead of the 2024 and 2025 Budgets, and the introduction of inheritance tax (IHT) on pensions at the 2024 Budget, which is coming into force in April 2027


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Upcoming fiduciary duty guidance must give trustees confidence in decision-making

The government’s forthcoming updated guidance on fiduciary duty should enable trustees to make the best decisions for their scheme and members, not the decision that’s least challengeable, according to Department for Work and Pensions (DWP) Technical Working Group chair, Sir Robin Knowles

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Investing in AI over people risks pensions skills gap - PMI

Investment in the rapid growth of artificial intelligence (AI) could create a skills gap unless it is matched by investment in the expertise of the professionals using it, Pensions Management Institute (PMI) chief strategy officer, Helen Forrest Hall, has warned

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Almost one in five people over state pension age still working

Nearly one in five (19 per cent) people aged 66 and over are still working, compared to 12 per cent in 2023, according to research by Interactive Investor

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News in brief – 25 September 2026

The latest news in brief and mandates from the past seven days

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Total value withdrawn from pension pots surges by over 20% in 2025/26

The total value of withdrawals from pension pots increased by 21.7 per cent to £91.2bn in the year ending 31 March 2026, with annuity purchases and those entering drawdown both rising, data from the Financial Conduct Authority (FCA) has revealed.

Its Retirement Income Market Data 2025/26 showed the value withdrawn from pensions rose from £75bn in 2024/25, and from £53.6bn in 2023/24, representing a 70 per cent increase over two years

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Workers more than twice as likely to check savings than pensions

Workers in the UK are more than twice as likely to check their savings balance during a week than they are to look at their pension, research from the Pension Attention campaign has shown

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Over a third of DC scheme members taking 'hands-off' approach to retirement planning

More than a third (36 per cent) of defined contribution (DC) pension scheme members are taking a largely hands-off approach to retirement planning, which could leave them with up to £95,000 less in retirement, according to Standard Life
Half of UK adults would delay retirement to own home outright

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Lack of large buy-ins leads to subdued H1 2026 volumes

The lack of pension scheme buy-in transactions over £1bn in H1 2026 contributed to subdued buy-in volumes compared with recent years, while helping to improve pricing levels by 3 per cent since the start of the year, according to analysis by LCP
BPA insurers urged to publish annual member experience metrics

Bulk purchase annuity (BPA) insurers should publish a consistent set of annual member experience and service metrics for buyout policyholders, Law Debenture and LCP have said


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