Gilt pressure sees DB transfer take-up levels hit 'all time low'

Average transfer values at the second lowest level since 2015

Jasmine Urquhart
clock • 1 min read

Average transfer take-up rates have hit an “all time low” while transfer values have hit their second lowest level since Q2 2015, analysis by Lane Clark & Peacock (LCP) finds.

The consultancy's defined benefit (DB) latest transfer report showed only 3% of transfer quotations have been taken up, the lowest level since LCP's survey began in 2014, and significantly down from the 2017 high of 34%. DB transfer values hit an average of £333,000, with the average quote value having fallen to a low of £162,000 in Q3 this year, down from the Q2 average of £181,000. LCP said this was due to a rise in gilt yields, while anti-scam legislation led to delays in transfer values being paid out, possibly leading to "supressing" of the Q1 2023 take-up rate. Results from a...

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