DB pension cash equivalent transfer value requests drop during pandemic

Contingent charging ban a factor

Holly Roach
clock • 3 min read

Cash equivalent transfer values (CETVs) were "significantly impacted" by the Covid-19 pandemic in several areas, according to research by Barnett Waddingham.

Analysis from the consultancy published last week revealed the pandemic impacted CETVs over 12 months to 31 March 2021 in areas including the number of quotes and exercises, transfer value amounts, and defined benefit (DB) transfer guidance. The volumes of transfer quotes requested by members in schemes the firm administers dropped by 20% to 40% in each of the lockdowns and was down by around 10% overall across the year. Its research also found the number of large, one-off bulk exercises carried out by pension schemes reduced, with data showing two exercises of more than 1,000 lives c...

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