Pension transfers pass £60bn mark

390,000 transfers

clock • 1 min read

Pension transfers have passed the £60bn mark as more than a third of a million people access their defined benefit (DB) pots, a Freedom of Information (FOI) request has revealed.

The data, supplied to Royal London, showed there have been 390,000 transfers out of DB pension schemes since Freedom and Choice came into force in 2015, with the value of the transfers totalling £60bn. The provider asked The Pensions Regulator to update previous estimates with the watchdog providing figures disclosing that the number of transfers in 2017/18 and 2018/19 sat at 100,000 and 210,000 respectively. In 2016/17 there were 80,000 transfers out, according to a previous FOI reply. The value of transfers was estimated at £12bn in 2016/17, and in 2017/18 the value was confirmed...

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

Planning ahead of IHT changes: Using pensions to support charities

Planning ahead of IHT changes: Using pensions to support charities

Practical planning steps for advisers

Pooja Shah
clock 16 April 2026 • 5 min read
FCA to take action against Hartley Pensions and involved individual

FCA to take action against Hartley Pensions and involved individual

Entered administration in 2022

Jen Frost
clock 15 April 2026 • 2 min read
From A-day to IHT: How government forgot the meaning of 'consultation'

From A-day to IHT: How government forgot the meaning of 'consultation'

'What is particularly galling is that there were viable alternatives'

Rachel Vahey
clock 14 April 2026 • 3 min read