Pensions change 'accelerating' as new DWP update given

An expert has explained what it means06:41, 03 Aug 2026Official figures published last week highlighted a seismic change in the UK’s retirement landscape.‌They showed that more pensioners were now having to cope without the guaranteed income that previous generations had enjoyed. When assessing private pensions accessed for the first time, the Department for Work & Pensions ( DWP ) found that the proportion of people receiving a lump sum or other Defined Contribution product rose from 37% (280,000) in the 2016/17 financial year to 49% (410,000) in the 2025/26 financial year.‌Samuel Mather-Holgate, managing director and Independent Financial Adviser at Mather and Murray Financial, explained what this means in plain English.‌He said: “Essentially, we are now transitioning from the gilt-edged