Advice work around DB transfers plummets by 59% in five years

Latest findings from Aegon and NextWealth on the retirement market

Hope William-Smith
clock • 1 min read

Fewer than a quarter of advisers still offer defined benefit (DB) pension transfer advice, representing a 59% drop in the service since 2018, Aegon has found.

The 2023 iteration of the Managing Lifetime Wealth: Retirement Planning in the UK report - published in conjunction with NextWealth - today (22 May) revealed just 23% of advisers offer transfer advice. While more than half (56%) of financial advisers offered DB transfer work five years ago, just 14% said they expected to remain in the market at their current level in the future. Aegon pensions director Steven Cameron said the report's findings on DB transfer advice were "the single biggest change" uncovered. Cameron noted the obvious increased business risk of undertaking transfer ...

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