Editor's View: More bad news for defined benefit pension transfers

The editor's Friday Night Takeaway from 26 January

Hope Coumbe
clock • 1 min read

While many in team PA were out and about across England this week for the Multi-Asset Roadshow, yet more bad news in the pension transfer space held our readers’ attention.

Cheshire firm Smith Holdings, which trades as Life Time Independent, was declared in default on Wednesday and while the lifeboat fund confirmed to PA that no claims against it relate to the old British Steel Pension Scheme, it's just more fuel on the transfer fire. Elsewhere, St James's Place published results this week showing net inflows more than halved over the course of 2023. Interestingly, it is only the firm's investment arm which suffered outflows. Less interestingly, still-new chief executive Mark FitzPatrick said low client confidence was to blame. It's certainly not a surprise...

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