The amount of money transferred out of defined benefit pensions in 2017 more than doubled to £20.8bn.
According to a Freedom of Information Act request filed to the FCA by the Financial Times, in 2016 £7.9bn was transferred out of DB schemes.
According to the FOI, around £5.5bn was transferred out in the fourth quarter of 2017. In the same three-month period the year before £2.5bn was transferred out.
The data show 92,000 DB to defined contribution transfers were reported in 2017 which was a significant increase on the 61,000 in 2016.
Earlier this month, a Freedom of Information Act request published on The Pensions Regulator’s website said DB schemes have reported around 72,700 transfers out during between 1 April 2017 and 31 March 2018. The total value of those transfers was £14.3bn.
However, TPR estimated the actual number of transfers in the 12-month timeframe would be more in the region of 100,000 because not all schemes reporting that transfers took place said exactly how many occurred.