Reference Case Number: FOI9097
Freedom of Information: Right to know request:
- Is it possible to know how many £1million pensions there are in the UK? (ie £1million or over)
- How many pensions are there in total (not including the state pension)? (so I can work out what the millionaires are as a percentage)
- Is it possible to provide a pension millionaire spread (ie how many are between £1m-£1,999,999, £2million-£2,999,999, £3million-£3,999,000, £4million-£4,999,999 and so forth)
- In addition to those obvious brackets, is it also possible to provide a figure as to how many pensions are valued in excess of the current lifetime allowance of £1,073,100?
- Is it possible to give a further breakdown showing millionaire workplace pensions Vs millionaire SIPPs?
- Is it possible to know how many millionaire pensions have been subject to drawdown or lump sum withdrawal, and how many are as yet untouched?
- Do any figures exist for millionaire annuities? ie People who turned a £1million+ pension into an annuity of some kind?
FCA response:
Questions 1, 3, 4, 6 and 7
The FCA holds data relating to pensions schemes operated by FCA authorised firms, which include SIPPs providers, and life insurance firms offering contract-based pension schemes (including personal pensions and workplace pension schemes). We do not hold data on trust-based schemes regulated by The Pensions Regulator. The data the FCA holds does not include data relating to the value of individual long-term pension contracts, therefore we are unable to answer your question as to how many SIPPs or individual and workplace pensions are worth over £1m or over.
Question 2
Taking the data from regulatory returns as at June 2021, there are approximately 39.03 million direct contribution pensions.