Most recent data for Q4 2023 shows average quotation stood at £143,000
XPS survey finds increase in proportion of smaller transfer values
Barnett Waddingham finds transfer quotations fell by 20% over the last four years
PensionBee analysis of Origo data found a 31% increase in transfer times in two years to 2022
Dashboard architecture provider says over £42bn of pensions were transferred in 2022
Done properly, DB to DC transfers can benefit the member, the trustees and the sponsor. But, as Mark Evans says, there is need for improvements in the area of transfer out processes.
The Financial Conduct Authority (FCA) has fined an individual compliance oversight officer £75,000 for "failing to exercise due skill, care and diligence" with regard to pension transfers in his role at two firms.