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Policy rumours and Budget speculation prompt 'surge' in pension withdrawals


By Sophie Smith

There has been a significant increase in the amount of money being withdrawn from pensions, with a particular "surge" seen in those accessing large pension pots, the latest Retirement Income Market Data from the Financial Conduct Authority (FCA) has revealed.  

The figures showed that the amount of money withdrawn from pensions had risen by 35.9 per cent over the past year, increasing from £52.152bn in 2023/24 to £70.896bn in 2024/25


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Professional trustee market hits ‘turning point’ as growth stagnates

The UK’s professional trustee market is entering a new phase of maturity, with growth slowing but concentration intensifying, according to LCP’s fifth annual 'Sole Mates' survey, which found that four firms now oversee 80 per cent of the £1.1trn of defined benefit (DB) assets

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PA Autumn Conference: 'Low likelihood' of levy being reinstated if PSB passes as is, PPF says

The Pension Protection Fund (PPF) has said it is “confident” that there is a “very low likelihood” it will need to reintroduce the levy if the Pension Schemes Bill passes in its current form

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Inflation at 3.8% sets stage for likely significant state pension increase under triple lock

Inflation held at 3.8 per cent in August, figures from the Office for National Statistics (ONS) showed, with experts warning it could climb to 4 per cent in September - the key month, alongside earnings growth, used to set next year’s state pension rise under the triple lock

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TPO sides with trustees in pre-2021 pension transfer case

The Pensions Ombudsman (TPO) has ruled in favour of the trustees in a case concerning a pension transfer made before the 2021 transfer regulations came into effect, confirming that they were not obliged to carry out checks beyond the statutory requirements

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Current pension system 'not fit for 21st century', IFoA says

The Institute and Faculty of Actuaries (IFoA) has outlined recommendations to help create an inclusive pension system fit for the 21st century, after its research suggested that the current system is putting a growing number of people at a "systematic disadvantage"

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All generations expect to fall short of a comfortable retirement

Most UK pension savers believe they will fall short of a comfortable retirement, with rising debt, delayed retirement and low levels of financial knowledge fuelling concerns across all generations, according to Interactive Investor’s sixth Great British Retirement Survey

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UK charities' DB funding levels remain 'strong' despite market volatility

UK charities are in a "strong" position to consider and target their endgame, Hymans Robertson has said, after its analysis revealed a 5 per cent increase in the average funding level of charities' defined benefit (DB) pension schemes since 2024
Enhanced targeted support needed alongside SPA increases - IFS

Although increasing the state pension age is an appropriate way for the government to ease pressure on public finances, changes will not be felt equally by all demographics, the Institute for Fiscal Studies (IFS) has said, suggesting that enhanced targeted support should accompany any increases
Bell hits back at Budget speculation, confirms triple lock commitment

Pensions Minister, Torsten Bell, has dismissed recent speculation surrounding possible pensions measures in the upcoming Autumn Budget as “nonsense,” urging the industry to focus instead on the government’s track record
Bell confirms govt intent to abolish PPF administration levy

Pensions Minister, Torsten Bell, has confirmed the government's intent to abolish the Pension Protection Fund's (PPF) administration levy, with plans to include this as part of the next round of amendments to the Pension Schemes Bill

Solution to small pots 'within reach'; calls to use existing infrastructure

A united, industry-delivered model offers a feasible and cost-effective solution for implementing the Small Pots Data Platform by 2030, Pensions UK's Small Pots Feasibility Review has found
TPR launches consultation on new enforcement strategy

The Pensions Regulator (TPR) has launched a consultation on its new proposed enforcement strategy, which includes changes designed to make enforcement smarter, more strategic, and more impactful


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Highlighted Content

Endgame: The steps to success

Just Defined Benefits head of proposition development, Andy Fryer, shares what he has learnt following his move from the consultancy side to now working for an insurer

Podcast: Who matters most in pensions?

CIn the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

Top tips for preparing your Own Risk Assessment

Susan Hoare explores how pension scheme trustees can get the most value from their first Own Risk Assessment (ORA).

Pension reform with long-term ambitions

The Pension Schemes Bill proposes a bold shift in UK pensions; delivering real value requires industry-wide effort

Surplus extraction is here: What should DB schemes do now?

L&G Head of Endgame Solutions, Mathew Webb, outlines what DB schemes should do now as surplus extraction rules evolve

LGPS: Staying on track

As the government ramps up its focus on the LGPS, our panel looks at what lies ahead for the scheme, the challenges it faces and the investment opportunities out there

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Shifting gears

As the pensions landscape consolidates and evolves, Paige Perrin examines how The Pensions Regulator is adapting its role by shifting toward a more ‘prudential’ style of regulation. But what does this mean for the industry, and how is it reshaping relationships between the regulators, pension schemes, and trustees?

Finally on target?

Callum Conway looks at why the freedom and choice reforms failed to close the pensions advice gap, and how targeted support might offer the solution

Getting to grips with the pension ethnicity gap

Pension engagement among non-white savers is still lagging, posing challenging questions for the industry to answer. As part of Pensions Age’s year-long focus on diversity, equity and inclusion (DEI), Jon Yarker finds out more

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Getting entangled in sustainable investing red tape

UK pension schemes have a unique role to play in driving sustainable impact, but complex rules are slowing momentum

Eyes on the prize

Regulators and policymakers continue to consult on whether DC schemes provide value

for money to members. But is there a risk their good intentions will be overwhelmed by other

political priorities? David Adams reports

Thinking differently

As part of Pensions Age’s year-long special focus on diversity, equity and inclusion (DEI),

Laura Blows explores neurodiversity and the pensions workplace

The best laid plans?

The government has confirmed that it will share a pension reform roadmap, but exactly what should be at the top of this list? Sophie Smith reports

Building a buy-in

Skipton group pensions manager, Andy Cheetham, pulls back the curtain on the pension scheme’s recent journey to a full buy-in

From data to delivery

Pensions Age sits down with Pension Administration Standards Association (PASA) chair, David Fairs, to discuss his newly appointed role and to find out how the association is raising administration standards and tackling data and dashboards challenges head-on

Trump’s tariffs spark a closer look at Europe

Sandra Haurant considers how Trump’s tariffs may have shifted investor attitudes towards the

European equities market

Inherited problems

The government’s plans to include pensions in the scope of inheritance tax has generated concern about how its rules can be feasibly implemented within the pensions industry. Laura Blows finds out more

Turning back time

DB schemes are currently enjoying funding surpluses, but haven’t we been here before? Laura Blows considers the changes and challenges that have occurred since the previous era of DB surplus in the 1980s/1990s, and the lessons to be learnt from that time

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Cyber Risk
In our latest Pensions Age podcast, Laura Blows discusses cyber risk with Aon partner Paul McGlone, and HSBC Bank Pension Trust (UK) trustee chief risk officer, Cheryl Payne.

A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

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Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

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