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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

The FOMO-fuelled run on the pensions bank – where the Treasury is the only winner

The FOMO-fuelled run on the pensions bank – where the Treasury is the only winner

'You can't build a savings culture on a foundation of uncertainty'

Matt Storey
clock 17 November 2025 • 5 min read
Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Govt reportedly considering introducing a £2,000 salary sacrifice annual cap

Joseph Warne
clock 14 November 2025 • 4 min read
Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Chancellor has 'decided against' cutting pension lump-sum withdrawals

Jonathan Stapleton
clock 10 November 2025 • 4 min read