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ABI retirement income statistics Q1 2015

This data from the last quarter shows the decisions savers were making before the full pension reforms came into force.

  • The number of income drawdown contracts sold by ABI members during 2015 Q1 increased by 64% over the past year, from 6,700 to 11,500 (very similar to the number sold during Q4 2014).
  • The number of annuities sold continued to fall, with 20,600 annuities sold during the quarter, compared to 28,700 the previous quarter and 74,100 in 2014Q1.
  • 62% of annuities sold during Q1 were internal (the same as in Q4 2014), compared to 47% a year earlier; 42% of drawdown customers were internal, compared to 40% during Q4 2014 and Q1 2014.

Rob Yuille, Manager for Retirement Policy at the ABI comments:

"These figures show the impact that pension flexibility had even before the full reforms came into force in April. The product choices being made on the eve of the changes reflect a changing market but also a diverse set of needs and preferences. This is a good reminder that people need guidance or advice to help them find the right retirement product for their circumstances."

Last updated 01/07/2016