Pension Transfers
Pension transfer values hit all time low
They have fallen 33% since December 2021
DB transfers plunge 53% in three years
Drop is culmination of ‘limited availability and increased cost of advice’
Redress solution for bad pension transfer advice likely to cause more problems
If enacted, the recommendations could put consumers in a worse tax position
Over 90% of pension transfer requests flagged as scams – again
As transfer values fall below £200,000 for the first time since 2016 making the return of annuities more appealing
Succession sets aside £10.4m for potential legacy DB liabilities
It is working closely with the FCA about pension transfer advice given by an acquired business