Pension transfers hit record £10.6bn in Q1

Last calendar year's total of £34.2bn has been revised up £2.5bn to £36.8bn, almost triple the £12.8bn transferred in 2016.  According to AJ Bell senior analyst Tom Selby, the "vast majority" of the pension transfers were likely to be people quitting defined benefit (DB) schemes in favour of more flexible defined contribution plans. He said a large number of the Q1 figures were likely to be British Steel workers transferring away from the British Steel Pension Scheme. Selby said the "stampede" to quit DB pension schemes shows no sign of slowing down. "We have witnessed a perfect...