More members transferred out of defined benefit (DB) pension schemes in October after September's record lows while values were surprisingly stable, according to XPS Pensions Group's Transfer Watch.
The proportion of members that transfer out of pension schemes administered by XPS rose from 0.52% in September to 0.62% in October - but is still far below the high reached in June when 1.05% transferred out. The estimated cash transfer value of a 64-year-old member with a pension of £10,000 a year with typical inflation increases rose slightly from £256,000 in September to £257,000 in October. Transfer values remained "surprisingly stable" despite the significant economic uncertainty arising from the Covid-19 pandemic, Brexit and the US election, according to XPS partner Mark Barlow. ...
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