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

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...