The easing of the UK’s ‘lockdown’ could mean a steady rise in defined benefit (DB) transfers, as the ‘lockdown effect’ on the sector weakens, research from consultancy Lane Clark and Peacock (LCP) has found.
Analysis by LCP found a sharp decline in inquiries at LCP schemes following the nationwide lockdown at the end of March (see graph at the bottom of this article for full details). According to LCP, more recent data from early May suggests a possibility that demand will grow over the coming months as financial pressures lead more over-55s to seek to access their pension funds. Before lockdown the first quarter of 2020 had seen a relatively high volume of DB transfer inquiries, up 20% on the previous quarter. However, take-up rates were below historic levels during lockdown, and around ...
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