Activity in the defined benefit (DB) transfer market fell to a record low in September, while the number of transfers exhibiting scam ‘red flags’ increased to a new high of 62%, according pensions consultancy XPS Pensions Group.
Transfer activity in firms with schemes administered by XPS fell to a new low in September, to an annual equivalent of 0.54% of eligible members, down from 0.67% in August. September's stats represent 54 in every 10,000 eligible members transferring each year. According to XPS Pensions Group partner Mark Barlow, September's record low in transfer activity could be attributed to members finding it difficult to find a suitable financial adviser following the withdrawal of many firms from the market. Elsewhere, according to XPS's Transfer Value Index, transfer values increased over ...
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