One in 20 (4%) defined benefit (DB) pension schemes remained open to new members in 2023, new data published today by The Pensions Regulator (TPR) shows.
The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.
A former senior official at the Pensions Regulator has called for members of DB pension schemes to benefit from the same flexibility as those with DC schemes have.
According to adviser research from Aegon the demand for DB advice remains strong with nine out of 10 advisers, who are or have been active in advising on defined benefits, saying there are still many individuals who would benefit from taking advice.
The FCA has revealed it will take further action over DB transfers.
XPS Pensions Group has bought RL Corporate Pension Services Limited from The Royal London Mutual Insurance Society.
A survey of around 400 financial advisers has found “huge variations” in the way firms carry out an initial ‘triage’ process when clients ask about pension transfers.
A document, released under freedom of information laws, has shown The Pensions Regulator has called on pension schemes to cut transfer values.
New figures from the ONS, which point to a slowing of life expectancy increases, are good news for defined benefit pensions schemes, according to AJ Bell.
Around 80,000 transfers out of defined benefit pension schemes were made in the last year, a regulator has estimated.
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