The FCA's recently published data on defined benefit (DB) transfers "lacks context" and has "clear limitations" when used to try to sum up what is going on in the wider market, the Personal Finance Society (PFS) has said.
PFS chief executive Keith Richards (pictured) felt the FCA's data that was released last month lacked wider context, noting there was no context around the age of people who had transferred. "Savers make different choices, the closer they are to retirement, simply because retirement is now real to these individuals rather than some distant, far-off event," he said. Those approaching retirement look at immediate and material shortfalls of income and consider all assets, including their homes, to enjoy retirement, Richards added. The PFS chief said the FCA data did not reveal the use of an...
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