Advisers leaving DB market lends to pension transfer fall - AJ Bell

23% fall since Q1

Hannah Godfrey
clock • 2 min read

The total number of people transferring away from pensions has fallen for the first time since 2016, according to figures from the ONS, with advisers quitting the market flagged as one possible cause.

The total value of pension transfers dropped from £10.6bn in the first three months of 2018 to £8.2bn in the second quarter - a decrease of nearly 23%. In total, almost £80bn of pension transfers have been recorded by the Office for National Statistics (ONS) since the pension freedoms in 2015. The origins of where the pension transfers have come from has not been recorded, but commentators suggest the transfer activity could be driven by savers leaving defined benefit (DB) schemes. AJ Bell senior analyst Tom Selby said savers have been quitting their DB schemes in droves since the pen...

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 Retirement

Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read
Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read