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All change for
DB transfers - Issue 7

Our viewpoint

Transfer quotation and take-up rates have increased to unprecedented levels over the last two quarters. As well as increasing significantly the workloads for and pressures on pensions administration teams, this has meant that normal transfer activity now represents a material level of ongoing de-risking for many of our clients.

In this issue we find:

  • The number of quotes provided in Q1 2017 is at an all-time high. Up 22% compared to the previous quarter, and nearly 300% since 2014.
  • The total transfer values quoted have increased from around £20m per quarter to £200m per quarter since we began our analysis in 2014.
  • The total transfer values paid out have increased from around £3m per quarter to £48m per quarter since we began our analysis in 2014.
  • The average age of those members taking transfer values was 57 in Q3 2016, the oldest age we have seen since we started our analysis. Over half of members taking transfer values are now over age 55, indicating that much current transfer activity represents members choosing pension flexibility as part of their at-retirement planning.

Speak to our experts Bart Huby or Jim Little for more information.

Click here to read the update