Financial Conduct Authority data has confirmed the surge in drawdown products sold since the pension freedoms, with a 46 per cent increase from the first to second quarters this year.
The latest product data release - taking in pensions, investments, endowments and Isas - showed that in the first quarter 22,741 income drawdown products were sold, rising to 33,218 in the second quarter; covering the period from April to June.
Figures also confirmed an expected drop in annuity sales, down 18 per cent between the first and second quarters of the year, from 16,100 to 13,123.
This compares to the 21,267 annuities sold in the final quarter of last year.
The number of advised sales of decumulation products rose 20 per cent quarter on quarter, from 25,215 to 30,312, while non-advised sales were up 17 per cent from 13,626 to 16,029.
The statistics back up those published earlier today by Equifax Touchstone, showing that since the April at-retirement reforms, £1.38bn has been invested into flexible drawdown pension products via single premiums and transfers, with inflows up 15 per cent in the third quarter.
In terms of the FCA data, 168,223 personal pension sales were made on an advised basis, compared to 270,936 without advice, from the first to the second quarter.
Self-invested personal pension sales have increased marginally since the freedoms, from 146,430 to 146,567 quarter on quarter, while Isa sales were marginally down, from 65,436 in the first quarter to 60,884 in the second.
However, the amount of new pensions and Isa business written by IFAs was up 53 per cent over the period, from 33,821 products to 51,840, outstripping the new business written by banks and building societies, which rose from 20,918 to 22,546.
peter.walker@ft.com
