Average transfer takes 11.9 days
Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.
Regulators must act now to impose some "proper regulation" to stop another defined benefit (DB) transfer advice disaster, saysTim Sargisson.
An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.
Consumer complaints against firms for misadvised DB transfers also rising
Chancellor Rishi Sunak has confirmed a salary top-up scheme designed to minimise job losses over the next six months will be introduced on 1November as tighter Covid-19 restrictions remain in place.
A potential surge in pension transfer requests as a result of the economic fallout from lockdown could see demand for advice rocket, putting increased pressure on the profession, the Personal Finance Society (PFS) has warned.
Aegon UK’s pre-tax profits were up 17% in the first half of the year standing at £71m thanks in part to the success of its platform business.