Data from pensions administrators Xafinity suggests that the proportion of those deciding to transfer their defined benefit pension after receiving a quote has increased.
Figures from a sample of firms Xafinity works with shows that during the first quarter of 2016, 562 transfer quotes were requested.
This nearly doubled to 958 for the first three months of this year, its latest data shows.
44 transfers were conducted in the first quarter of 2016, around 8 per cent of the quotes, rising to 117 in Q1 2017, or 12 per cent of quotes.
There were 51 transfers this March and a total of 327 transfer quotes, suggesting around 16 per cent of those getting a quote transferred.
While the number of transfer value quotations includes those who did end up transferring as well as those that did not, compared to March last year, this figure appears to be more like 8 per cent, as 17 transfers were completed from 204 quotes.
While in some cases a transfer value analysis report isn’t required, for example transfers at normal retirement age that result in the immediate purchase of an annuity, Xafinity says most of its customers would have required a TVAS to transfer.
Xafinity head of proposition development Paul Darlow says: “Up until October last year the number of DB transfers completed was relatively stable month on month.
“However, since October last year the amount of transfer activity has increased significantly. Indeed, the number of transfers being completed has more than doubled and the trend looks set to continue with transfer values (as measured by the Xafinity Transfer Value Index) remaining high.”
Darlow says the firm has also seen an increase in partial transfer requests, but that “administration complexity” for scheme providers was still the main barrier to overcome.