Pension transfer values remained high during 2017, figures showed today.
Pension transfers into SIPPs dominated the pension transfer market in 2017, latest industry figures show.
The rapid growth in the number of pension transfers will continue this year, according to the respected global actuary and consultancy firm Willis Towers Watson.
Pension investments rose by 66.3% year on year in the third quarter to hit £13.4bn fuelled by transfer business, particularly transfers to SIPPs, according to analysis from intermediary database provider Equifax Touchstone.
Pension transfer value from the end of September to the end of October (as measured by the Xafinity Transfer Value Index) have remained relatively stable, fluctuating between £229,000 and £234,000, the company’s data shows.
New investments in SIPPs fell by 13% in the second quarter of this year despite the boom in pension transfers fuelling growth in transfers to SIPPs.
Financial advisers say they are experiencing an increase in insistent clients disagreeing with their recommendations on defined benefit pension transfers.
The Pensions Administration Standards Association (PASA), the independent body set up to improve pensions admin standards, is to launch a voluntary mediation service to resolve issues experienced by schemes during the transfer of pension schemes from one provider to another.
September saw a reverse of rising pension transfer values with average transfers measured by one provider dropping sharply over the month, falling by 4% from £240,000 in the first week of September to £230,000 by the end of the month.
The Pensions and Lifetime Savings Association has raised concerns about the way the FCA wants information provided to clients considering a pension transfer.
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