Mixed picture on DB pension transfer activity amid volatile year

Transfer quotations hit lows in Q3 2022 but have recovered

Martin Richmond
clock • 2 min read

Defined benefit (DB) transfer activity fell to its lowest level in seven years during the third quarter but has staged a recovery into November, consultant research reveals.

The research also found the average quotation size in Q3 was £252,000, a 24% decrease from the £330,000 seen in Q2, which also marked a seven-year low. LCP said the introduction of anti-scam rules, which have resulted in increasingly strict processes around transfers, and the rise in gilt yields have been significant factors in the decline of the transfer values being offered to members. Partner Jim Little said: "We are witnessing the slow death of DB transfers. In the last three months, interest in transfers in terms of people asking for quotes has been at its lowest level since the ...

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