Defined benefit transfers double since January

clock

The number of people transferring out of defined benefit (DB) pension schemes each month has doubled over the last year, according to figures from Xafinity.

The administrator's data shows that the number of transfers it handled increased sharply in June, and peaked in October, while November's figures were still almost twice the level seen in January. The number of transfer quotations requested also increased markedly, with the number of monthly requests 50% higher in November than they were at the start of the year. The industry had been braced for an increase in transfers after defined contribution retirement regulations were relaxed in April to allow members to withdraw their cash however they want, subject to taxation. Xafinity hea...

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

More on Pensions

One year on: Abolished lifetime allowance still throwing up advice queries

One year on: Abolished lifetime allowance still throwing up advice queries

Scheme-specific lump sum queries

Andrew Tully
clock 24 April 2025 • 4 min read
Government to set up small pensions pot consolidator

Government to set up small pensions pot consolidator

Pension Schemes Bill measure will reduce admin costs and boost pots

Jonathan Stapleton
clock 24 April 2025 • 3 min read
Pension engagement only way to cut 'retirement anxiety'

Pension engagement only way to cut 'retirement anxiety'

Verona Kenny says industry has ‘moral duty’ to push engagement

Jenna Brown
clock 23 April 2025 • 3 min read