Take up rates and quotation rates remain close to historically low levels

• The take-up rate for quotations issued in Q2 2023 continues to remain low at 4%, this compares to an all-time low of 3% seen in Q1 2023. The low take-up rate corresponds with low average transfer values, for quotations provided in Q2 2023, the average transfer value paid was £198,000, which is the lowest figure since Q1 2014.
• The average transfer value quoted for Q4 2023 was £143,000, this is the lowest figure we’ve seen since we started our analysis in 2014 and coincides with a period of high government bond yields.
• LCP’s administration team issued quotations for 1.1% of non-pensioner members in Q4 2023. This is the third lowest figure since Q2 2016.

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