£70bn taken from retirement pots

PENSION savers who took more than £70billion from their retirement pots last year could have been influenced by fears over potential tax changes, experts believe.

- By Vicky Shaw

The Financial Conduct Authority said its figures marked a jump of just over a third compared with the previous year.

Some 30.6% of pension plans accessed for the first time in 2024-25 were drawn on by people who took regulated advice - down from 30.9% in 2023-24. Sales of annuities, which give a guaranteed income, rose by 7.8% from 82,061 in 2023-24 to 88,430 in 2024-25.