Db transfers
Pension transfer values end volatile year 8% up; Scam 'red flags' at record high
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.
Justin Corliss: Making the case for partial DB transfers
Half-way house
The unstoppable force paradox: Supply and demand in the DB transfer market
Philip Dickinson looks at the impact of Covid-19 on the transfer market and how schemes and advisers can support members.
DB transfer values jump to record high in July - XPS
Defined benefit (DB) transfer values continued to increase to yet another record high during July but the number of people opting to exit final salary schemes remains steady, according to XPS Transfer Watch.
WPC chairman to seek transfer pause where scams suspected
Work and Pensions Committee (WPC) chairman Stephen Timms will table an amendment to the Pension Schemes Bill to allow schemes to pause transfers when a scam is suspected.
New delay for contingent charging ban decision
The Financial Conduct Authority (FCA) has postponed its decision on whether to ban contingent charging on defined benefit (DB) transfers by up to six months.
Industry split on compulsory workplace pension membership
A narrow majority of this week's 108 Pensions Buzz respondents said there was no need to make workplace pension scheme membership mandatory.
Will LEBC's market withdrawal impact DB de-risking?
As one of the biggest IFA firms withdraws from the transfer market, Kim Kaveh gauges views on whether the move will impact scheme de-risking plans.
LEBC agrees to stop DB transfer work
National financial advisory firm LEBC Group has stopped offering advice on defined benefit transfers after a review from the Financial Conduct Authority (FCA).
Royal London reports drop in pension sales in H1 as DB transfers slow down
Royal London's new business pension sales fell by 4% over the course of a year primarily due to a slowdown in defined benefit (DB) transfers, the firm's half year results reveal.
FCA weighs up U-turn to ban contingent charging on DB transfers
The Financial Conduct Authority (FCA) is consulting on plans to ban contingent charging on defined benefit (DB) transfer advice for the second time in less than a year.
Pension transfers pass £60bn mark
Pension transfers have passed the £60bn mark as more than a third of a million people access their defined benefit (DB) pots, a Freedom of Information (FOI) request has revealed.
FCA 'concerned and disappointed' with amount of DB transfers
The FCA will carry out further work on defined benefit (DB) transfers after it revealed "concerning and disappointing" findings from its marketwide data gathering exercise.
Advice firms that did not answer FCA DB probe could see permissions revoked
Financial advice firms that did not respond to the Financial Conduct Authority's (FCA) market-wide defined benefit (DB) transfer questionnaire could see their regulatory permissions revoked.
Five stories you may have missed this week
This week's top stories included TPT Retirement Solutions consolidating the £30m Hinckley and Rugby Building Society's defined benefit scheme, and Guy Opperman becoming the second-longest serving pensions minister.
British Steel adviser now linked to Trinity Mirror pension scheme members
British Steel financial adviser and former managing director of Active Wealth UK Darren Reynolds advised a group of people from the Trinity Mirror pension scheme to transfer out of their defined benefit (DB) pensions.
Five stories you may have missed this week
This week's top stories included warnings that defined benefit (DB) transfers could become more difficult for trustees to process after regulatory register changes.
DB schemes to pay out third of a trillion pounds in next three years
Defined benefit (DB) schemes are set to shear themselves of over £300bn of liabilities between 2019 and 2021 as they continue to mature, Mercer predicts.
Ford set to offer partial transfer option to members
Motoring giant Ford has agreed to offer members of its UK defined benefit (DB) scheme the right to partially transfer their pension.
Government should not require schemes to offer partial transfers - PP research
In this week's Pensions Buzz, respondents warned schemes being required to offer partial transfers could lead to too many administrative burdens
XPS: Not offering partial transfers is too risky
Partial defined benefit (DB) transfers are easier than trustees think and all schemes should offer them, XPS Pensions Group says.
Trustees should be proactive on DB transfers, says industry
Around three-fifths of respondents in this week's Pensions Buzz backed the view that trustees should take a proactive approach to engage with members when they are seeking to transfer out of their defined benefit (DB) scheme.
How involved should trustees get in DB transfers?
As the volume of transfer value requests grows, trustees must decide whether to take a minimalist or proactive approach with members. James Phillips explores the pros and cons.
Continued stability for pension transfer values throughout July
Pension transfer values remained stable throughout July, with the index finishing the month where it started, according to XPS Pension Group's transfer value index (TVI).
