15 May 2018
- Transfer payment activity shows no signs of slowing down over 2018. For the first time since we began our analysis in 2014 more than one-third of the transfer values were paid out (Q3 2017 is the latest quarter for which all transfers have now been paid out). For members over the age of 55, 43% of quotations were paid out.
- In contrast to this, there was the first significant fall in overall quotation rates in Q1 2018 since the Freedom and Choice reforms over 2015 and 2016 brought increased transfer activity. Interest in transfer values continues to be highest at older ages. The average age of members requesting a quotation in Q1 2018 is 54, the highest we have yet seen.
- Just under 20% of the schemes we administer offer the option of partial transfers to members. Around 80% of those tell members about this option in communications relating to transfer value or retirement quotations. There are early signs in Q1 2018 that members are becoming more interested in this option.