Financial advisers predict they will, on average, continue to receive defined benefit pension transfer enquiries for a further nine years.
According to research carried out by Investec, which involved 108 advisers, two thirds of those surveyed expect client enquiries about transfers from DB to defined contribution schemes to increase over the next 12 months, with almost one fifth expecting a significant increase.
Only 2 per cent of advisers surveyed expected a fall in enquiries.
The survey also sought to find out why many advisers decline to give DB transfer advice.
The Investec data show 71 per cent of advisers consider the risks associated with historic advice are too high while 47 per cent say the process is complex and clients do not like paying the necessary fees.
Nearly half (45 per cent) of advisers consider there is a lack of regulatory support.
Investec Wealth and Investment intermediary services head Mark Stevens says: “DB scheme transfers have increased the opportunities for IFAs to advise new clients on their pensions and broader financial needs. However, it’s a fast-changing market and the complexities and risks involved mean that in many cases discretionary investment managers are integral to the effective management of client portfolios.”