Defined benefit pension transfer requests 'double'

The number of people inquiring about a switch from a DB pension to a defined contribution (DC) scheme increased by 106% year-on-year in the three months since April, when the government's pension reforms became effective, according to Selectapension. Pensions 'freedom and choice' permitted DC savers unfettered access to their pension pots from the age of 55. But the same flexibilities were not extended to those with savings in DB schemes, which are generally considered to offer stronger benefits. Anticipating an increase in demand for transferring out of DB schemes, the government ...