Over the course of a 12 month period, almost three-quarters (72%) of defined benefit (DB) transfer advice offered to savers ended in a positive recommendation to transfer, a freedom of information request by AJ Bell has revealed.
The average transfer value in that year-long period, between 1 October 2016 and 30 September 2017 was £398,545. In the 12-month period that followed, from 1 October 2017 to 30 September 2018, the percentage of DB transfers given the green light dropped marginally to 69%, while the values were also slightly lower at £351,584. The freedom of information request, which gathered information from the Financial Conduct Authority (FCA), found the percentage of positive transfer recommendations rose alongside transfer values. In the six months following the introuction of pension freedoms ...
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