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A drop in defined benefit (DB) transfer values and a “dramatic” fall in advisers has caused members who may have benefitted from a pension transfer to lose out, according to Lane Clark & Peacock (LCP).
Defined benefit (DB) transfer values rose by 2% over the course of January to make a steady start to the year, according to research from XPS Pensions Group.
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 FCA's 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’ for scams increased to a three-month high, according to pensions consultancy XPS Pensions Group...
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download Find whitepapers