The coronavirus crisis has put the brakes on pension transfer activity, as the number of members taking a transfer value fell to a record low in April, according to data from XPS Pensions Group.
XPS's transfer activity index recorded an annual equivalent of 0.58% of eligible members completing transfers in April, down from 0.76% in March - the previous record low. The number of members transferred represented just less than six in every 1,000 eligible members. Additionally, requests for transfer value quotations were found to have fallen by just over a third compared to last April. Elsewhere, and after a turbulent March, defined benefit (DB) transfer values experienced a more stable April, increasing by around 3% over the month from £242,600 at the end of March to £249,300 at...
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