All change for
DB transfers - Issue 31
Our viewpoint
24 November 2023
Transfer value take-up rates fall further to a new all-time low
- The take-up rate for quotations issued in Q1 2023 are at an all time low of 3%, this corresponds with low average transfer values over the same period. For quotations made in the Q1 2023, the average transfer value paid was £333,000, which is the second lowest figure since Q2 2015.
- The average transfer value quoted for Q3 2023 was £162,000, this is the lowest figure we’ve seen since we started our analysis in 2014 and coincides with a sharp rise in government bond (gilt) yields.
- LCP’s administration team issued quotations for 1.3% of non-pensioner members in Q3 2023. This is a 30% increase from Q2 2023 where the figure was 1.0% but is still much lower than the highs of c.2% per quarter seen in 2017.
Speak to our experts Bart Huby or Jim Little for more information.