James Baxter: What lies behind the varying DB transfer take-up rates?

Evidence continues to emerge from schemes and their administrators as to the huge upswing in the number of pension scheme members requesting defined benefit (DB) pension transfer values since the introduction of pension freedoms in April 2015. While there is also clear data suggesting more members are going on to complete a transfer, take-up rates appear to be varying significantly from scheme to scheme and across different member demographics. In its latest ‘DB Member Choice Survey', Willis Towers Watson noted take-up rates of transfers can vary wildly from scheme to scheme - from as...