A huge increase is reported in the number of pension pots being withdrawn in full. The total rose from 357,122 in 2018-19 to 462,160 in 2024-5. According to Actuarial Post, this suggests that, increasingly, the amount people have saved at the point of retirement “simply isn’t big enough to offer meaningful income via drawdown”. Over 300,000 withdrawn in full in 2024-25 were worth less than £10,000, and a further 112,526 were worth between £10,000 and £29,000, perhaps further suggesting that the cash was transferred to ISAs, or used to fulfill long held ambitions such as worldwide travel (associated image is of New Zealand’s South Island). The number of 65-74 year-olds withdrawing their pensions in full rose by 75%. But those aged 55-64 appeared more cautious, increasing by only 15%.
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