Pension transfers hit £34.2bn in 2017 - ONS

A total of £34.2bn was transferred in the last calendar year, according to the national statistic institute, which is almost triple the £12.8bn transferred in 2016. It is the biggest jump in transfer activity since the pension freedoms came into effect three years ago next month - £5.4bn was transferred in 2014 while £13.2bn was transferred in 2015. The amount being transferred between pensions even rose throughout 2017, from quarter to quarter. A total £7.2bn was transferred in Q1, £8.2bn in Q2 and then £9.4bn in both the third and fourth quarters of the calendar year. The advice ...