Quotation rates fall to lowest level in five years

• LCP’s administration teams issued DB transfer quotations to just over 1% of deferred members in Q3 2021 (103 quotes per 10,000 deferred members). This is the lowest quarterly figure since Q2 2016.
• The total value of these quotations was £102m, also the lowest quarterly figure since Q2 2016.
• Take-up rates for the last two quarters, the first two since the FCA ban on contingent charging
  was introduced, were the lowest since Q1 2016 and half the peak in Q3 2017.
• Take-up rates for the last two quarters, the first two since the FCA ban on contingent charging was introduced, were the lowest since Q1 2016 and half the peak in Q3 2017.
• New anti-scam regulations came into effect on 30 November, giving trustees the power to block a transfer in certain circumstances where there are scam concerns and/or to require the member to take additional guidance before the transfer can proceed. While we expect the large majority of transfers still to be able to go ahead, there may well be significant delays and hurdles for members that further reduce the take-up rate for transfer quotations.

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