The average size of a transfer from a defined benefit (DB) pension scheme in the last quarter reached £556,000, according to research by Lane Clark & Peacock (LCP).
The government’s focus on pensions dashboards and pension transfer times will require the industry to improve its data accuracy and administrative efficiency, says Anthony Rafferty.
Adviser firm Tideway was told to cease all pension transfer advice business from 3 July 2020, after first being visited by the Financial Conduct Authority (FCA) about its defined benefit (DB) transfer operations in 2017.
Pension transfer activity has dropped to the lowest level since the introduction of the pension freedoms, research by Lane Clark & Peacock (LCP) reveals.
PASA’s DB transfers code of good practice is asking the industry to commit to delivering faster, safer transfers. Holly Roach reports
The Financial Conduct Authority (FCA) revealed unsuitable transfers out of defined benefit (DB) schemes could result in collective losses of up to £20bn worth of guarantees over five years.
Defined benefit (DB) trustees are now required to contact financial advice firms to ensure staff providing advice to a members are compliant under new adviser rules before carrying out a transfer exercise.
The buyout deficit of FTSE 350 pension schemes has reduced by £2.5bn since the introduction of Freedom and Choice due to an increased number of transfer exercises, Barnett Waddingham has found.
There needs to be wider access to partial transfers out of defined benefit (DB) schemes, according to a joint paper published by Royal London and Lane Clark & Peacock (LCP).
Requiring pension freedoms users to transfer their funds into a workplace pension scheme could damage savings further, says Baroness Ros Altmann.
Margaret Snowdon says the industry remains handicapped, regardless of multiple layers of protection adopted on a voluntary basis
This week's Pensions Buzz respondents were mostly in agreement that 10 weeks is an appropriate length of time to conduct a full DB to DC transfer.
This week's top stories were the seven-year ban a company director received for pension negligence, and the launch of the Pensions Administration Standards Association's defined benefit transfer guidance.
The Pensions Administration Standards Association (PASA) has launched guidance on defined benefit (DB) transfers to help give members better flexibility while retaining their pension benefits.
Boris Johnson would be detrimental to pensions if he becomes prime minister later this month, a majority of Buzz respondents said.
This week's top stories included the Financial Conduct Authority announcing it would carry out further investigations on defined benefit transfers.
The Financial Conduct Authority (FCA) has set priorities for the coming year for its joint action with The Pensions Regulator (TPR), including reviewing whether pension schemes are providing sound information to consumers.
Stephen Lloyd MP has called on the secretary of state for work and pensions to investigate the pensions transfer market and ban contingent charging.
The Financial Conduct Authority (FCA) is to press ahead with its plan to require firms to provide suitability reports for advice against a pension transfer despite concerns over additional advice costs.
The popularity of DB transfers shows no sign of slowing. Charlotte Moore looks at how schemes can adapt their investment strategy to meet this demand
A pension scheme trustee has transferred a client's pension despite clear warnings from the adviser this was not their recommendation - a scenario that should provoke a change in the law, according to the Personal Finance Society (PFS).
Some 90% of schemes have seen an increase in the number of requests from members for transfer values over the last 18 months, according to an Aon study.
Up £2,000 from final 2016 figure
An increased volume of enquiries has led British Airways (BA) Pensions to temporarily suspend transfer values for active members.