Defined benefit transfers double since January

clock

The number of people transferring out of defined benefit (DB) pension schemes each month has doubled over the last year, according to figures from Xafinity.

The administrator's data shows that the number of transfers it handled increased sharply in June, and peaked in October, while November's figures were still almost twice the level seen in January. The number of transfer quotations requested also increased markedly, with the number of monthly requests 50% higher in November than they were at the start of the year. The industry had been braced for an increase in transfers after defined contribution retirement regulations were relaxed in April to allow members to withdraw their cash however they want, subject to taxation. Xafinity hea...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Chancellor 'confident' govt will not need to mandate pension scheme investment

Chancellor 'confident' govt will not need to mandate pension scheme investment

Rachel Reeves confirmed in Mansion House speech pension funds and government ‘are united’

Holly Roach
clock 16 July 2025 • 2 min read
Why documentation is king in the world of SSAS

Why documentation is king in the world of SSAS

'SSAS documentation - it isn't just best practice or a fiduciary requirement'

Caitlin Southall
clock 04 July 2025 • 4 min read
Steve Webb: Sceptical advisers should not give up on pensions dashboard

Steve Webb: Sceptical advisers should not give up on pensions dashboard

‘A big mistake to underestimate the impact it will have’

Jenna Brown
clock 03 July 2025 • 3 min read