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The retirement income market data 2024/25 from the FCA shows that the number of Defined Benefit (DB) to Defined Contribution (DC) pension transfers continues to decrease. |
The number of transfers decreased year-on-year from 18,080 in 2022/23 and 7,181 in 2023/24 to just 6,418 in 2024/25.The number of firms that received DB transfers also fell from 118 (2023/24) to 104 (2024/25). Brian Nimmo, Head of Redress at Broadstone, said: “The substantial fall in the number of DB to DC pension transfers continued in the most recent financial year. “Rising gilt yields will have had a negative impact on transfer values making a transfer less attractive for those with DB pensions. Another factor will have been regulatory change which has led to a large fall in the number of advisers willing to participate in this area. “While a transfer may not be in the interests of many DB pensioners, in certain circumstances there will be occasions where it could make good sense. The question remains whether we have now seen an over-retraction in the market which is limiting access to good advice for those with genuine reasons to explore a transfer.” |
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