Pensions - Articles - Pension transfers out of Defined Benefit pensions surges


Pension transfers, according to Selectapension, have seen a 66% increase in DB cases analysed by Advisers and Paraplanners in 2016, compared to 2015.

 The demand for transfers increased as 2016 progressed with a 120% increase in DB cases analysed in December 2016 compared to December 2015.

 

 n April 2016 there were 96% more DB cases analysed by Advisers than in April 2015. Whilst more cases have been reviewed, the Product Providers potentially receiving transferred pots hasn’t changed much.

 

 For Advisers who are not authorised or don’t have the time or inclination to manage complex DB cases, there has been an unprecedented demand for Selectapension’s bureau services.

 Peter Bradshaw, National Accounts Director, Selectapension commented: “Transferring out of a DB scheme is a complex process, and it can also be a lengthy one. With full scheme information, a TVAS report can be produced within an hour, but the whole transfer process can take months.

 We welcome the recent FCA’s guidance on pension suitability which recognised that clients’ personal circumstances can trump critical yields.’’
  

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