The number of Defined Benefit (DB) transfers fell in November as transfer values also slipped, according to the latest XPS Transfer Watch.
Pension transfer specialist Tideway has claimed that UK workers could collectively be up to £25bn out of pocket if they are persuaded not to take advantage of final salary transfer offers by negative publicity on DB transfers.
The number of customer complaints made to the Financial Ombudsman Service (FOS) relating to defined benefit transfers rose by 44% in 2018/19.
National retirement adviser LEBC has given up its DB transfer permissions following an FCA review.
The rapid increase in DB transfer values has been a key factor in the rise in pension transfers and not greedy advisers seeking contingent charging fees, says platform and SIPP provider AJ Bell.
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.
A new survey has revealed 85% of respondents believed all DB schemes should allow partial transfers.
A new report into the BSPS debacle has heavily criticised regulators including the FCA and TPR.
Selectapension has wound up its subsidiary arm that executed defined benefit advice.
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