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All change for
DB transfers - issue 14

Our viewpoint

Transfer quotation activity continues to decline alongside continuing concerns regarding the quality of member advice.

  • Our latest quarterly analysis shows that, quotation rates have dropped to the lowest rate we have seen since Q3 2016. Over the whole of 2018 transfer quotation rates fell to just more than 6% of deferred members, compared to almost 8% over 2017.
  • Despite this decline in quotation requests, the take-up rate has remained stable.
    • We saw take-up rates of 30% for the 12 months to 30 June 2018.
    • This compares to 28% for the 12 months to 30 June 2017.
    • Take-up rates continue to be highest for older members with a take-up rate of 37% for members aged 55 and over during the 12 months to 30 June 2018.
  • Transfer values that are requoted within a 12-month period tend to have a much higher take-up rate; of the quotations that were calculated twice within the 12-month period to 30 June 2018, 76% were paid out.

But can Trustees be satisfied with the quality of advice their members receive in relation to pensions transfers? Read our latest update issue 14 to learn more.

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

Click here to read the update

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