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

Jasmine Urquhart
Author spotlight

Jasmine Urquhart

Senior Correspondent at Professional Pensions

More on Pensions

Do clients already own the best retirement portfolio?

Do clients already own the best retirement portfolio?

'Feeling safer and being safer aren't the same thing'

Alex Funk
clock 29 October 2026 • 4 min read
Budget 26: Government to get rid of two-year tax rule on lump sum death benefits

Budget 26: Government to get rid of two-year tax rule on lump sum death benefits

Changes will also be made to how tax due on excess lump sum death benefits is collected

Jonathan Stapleton
clock 28 October 2026 • 1 min read
Budget 26: State pensioners to be shielded from income tax

Budget 26: State pensioners to be shielded from income tax

State pension expected to rise to £13,036

Sophia Panayi
clock 28 October 2026 • 2 min read