Pensions - Articles - ONS transfer data show a fraction of assets being held


Andrew Tully, Technical Director at Canada Life comments on the ONS pension transfer

 The data released by the ONS reveals that around £127 billion has been transferred out of UK occupational schemes since 2015. This figure may sound staggering at first however it really only represents a tiny fraction of the assets currently being held within pension schemes, so we can assume that most people appear to be staying put.

 Transfers out of DB schemes have rightly been the subject of intense scrutiny recently and it’s right that we continue to have this robust regulation in force. The majority of savers will be better off by staying in their DB scheme but it’s important that individuals are aware of the option and have access to the quality advice required. Some individuals may stand to benefit from a transfer if they are in ill health or have expensive debt.

 “On the other hand, DC to DC transfers can be more beneficial for the individual. Transferring in this instance can provide greater simplicity by having all assets in the one place, while also delivering lower charges, a wider range of investment options or greater functionality at the point of drawdown. However, it’s still worth obtaining advice in this case as transferring could mean you lose out on benefits like guaranteed annuity options or protected tax free cash.”
  

Back to Index


Similar News to this Story

Two thirds of Administrators involved in pension strategy
With forthcoming legislation, from Inheritance Tax on unused pension pots to the 2025 Pension Schemes Bill set to have considerable implications for p
With profits funds beat high street savings rates last year
With-profits funds delivered an average return of 5.6% in 2024, down from 8.3% in 2023 but beating high street fixed saving rates The biggest differen
Master Trusts show climate change policy advocacy progress
As COP30 focuses global attention on the policies and intervention needed to deliver a net-zero future, LCP has analysed sixteen of the UK’s largest m

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.