All change for
DB transfers - issue 8
7 August 2017
Transfer quotations and take-up rates have continued to increase from their previous historically high levels.
- The number of quotes is now five times the level since we began our analysis (which was for the first quarter 2014). More than 4% of deferred members requested a transfer value quotation in the first half of 2017.
- The number of members taking transfers is up to nearly seven times the level since we began our analysis.
- A third of transfer quotations provided in the last complete quarter were taken up, the highest take-up rate since we began our analysis; this rises to 44% for quotations above £250,000.
- The total amount transferred out from LCP administered schemes was nearly £60m for quotations in the latest complete quarter, 18 times the figure of £3.3m for Q1 2014 when we began our analysis.
- The average transfer in 2016 was £470,000, more than double the average house price in the UK.
- Next newsletter: All change for DB transfers - Issue 9
How do DB schemes communicate retirement options?
Did you know 90% of schemes only start to communicate with members about their retirement options as they approach scheme retirement age?Discover our survey findings