Article preview: The amount of money transferred out of pension schemes fell by more than 10% last year, according to the latest official figures. The Office for National Statistics (ONS) data shows pension transfers fell in value by 10.5% in 2018 when compared to a year earlier. It means a total of £33bn was transferred out of pension schemes last year, down £3.9bn on a year earlier. There’s no breakdown of pension scheme type with this data release, but it’s reasonable to expect the decline to relate mainly to defined benefit or final-salary pension transfers.
Pension transfers on the decline?
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This 673 word blog post looks at the latest ONS figures showing a fall in pension transfers last year and suggests why defined benefit pensions transfers are likely to have contributed to this decline, with information about the current FCA approach to advice in this area. Written on 22nd March 2019.
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