DB transfer numbers hits new high

Across a sample of pension schemes administered by Xafinity the number of members accepting a transfer payment in October and November 2015 was around double the number of members accepting a transfer payment in January 2015.

Paul Darlow, Xafinity, comments: “Having observed a big increase in the number of members requesting a quotation of their transfer value in June and July, we have now observed an increase in the number of members actually proceeding to transfer the value of their benefits out of DB pension schemes.

Since June and July, however, the number of members requesting a transfer value quotation has started to drop back, meaning that we might expect a similar drop off in the number of transfer payments in coming months. With an increasing number of DB pension schemes currently reviewing their standard member communications to ensure that members are aware of their options, it will be interesting to see how levels of activity develop in coming months.”