The number of pension savers advised to transfer out of defined benefit (DB) schemes has fallen ‘dramatically’ in the last 18 months, according to data obtained by Kroll.
The data and risk firm submitted a freedom of information (FoI) request to the Financial Conduct Authority (FCA) requesting data on recent trends in DB transfers covering April 2020 to September 2021. The total number of customers advised to transfer in that 18-month period was 34,053. In the preceding 18 months (October 2018 to March 2020) the figure was 49,456, representing a fall of 31%. Kroll financial services compliance and regulation practice MD Mark Turner said the FCA figures were positive. "Reducing this figure has been a key aim of the FCA, so it's positive to see that r...
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