Db Transfer News Today

Defined benefit (DB) transfer compensation has risen for the first time in two years, research from OAC has found.

The value of typical defined benefit (DB) pension transfers dropped by nearly 7% in May to £159,000, latest XPS Pensions Group’s Transfer Watch analysis reveals.

Lane Clark & Peacock (LCP) has called on the government to consider amendments to the pension freedoms rules to provide defined benefit (DB) members with a greater level of freedom and choice when accessing their benefits.

A majority of pension transfers which raised an 'amber flag' warnings are as a result of an unknown reason or for transfers pertaining to overseas investments, according to data released by the Money and Pensions Service (Maps).

Ele Lovering and Helen Tabiner say the deluge of work must not lessen trustee focus on transfer-out checks

The increased cost of financial advice and limited availability of it are likely to be behind the fall in the number of people transferring out of defined benefit (DM) schemes into defined contribution (DC) arrangements, Broadstone says.

The Financial Conduct Authority (FCA) failed to protect British Steel Pension Scheme (BSPS) members from “unscrupulous financial advisers” who were financially incentivised to provide unsuitable advice, and the regulator was “behind the curve” in its response, according to a report by the Public Accounts Committee (PAC).

DB transfers fall to eight month low as scam activity rises - XPS Dip after a period of recovery Mark Barlow: "With warning signs of poor member outcomes remaining so high, we welcome the FCAs decision to extend their thematic review with the aim of driving up standards of pensions advice." Tom Higgins April’s activity in the defined benefit (DB) transfer market fell to the lowest level since September last year, dropping by almost a quarter, while the number of transfers showing ‘red flags...

IFAs report 76% PII premium hikes as consumers struggle to access DB transfer advice ‘Profound impact on market’ Keith Richards: "The regulator is open to discussion and does acknowledge the issues on consumer access and the long-term viability of the advice market." Consumer access to government-mandated financial advice on defined benefit (DB) transfers is being severely curtailed as rocketing professional indemnity insurance (PII) premiums continue to shrink the market, Keith Richards ha...