Defined benefit transfers have passed the £60bn mark since the pension freedoms started in 2015, a Freedom of Information Act Request reveals.
Provider Royal London asked The Pensions Regulator to supply the 2018/19 data on the volume of transfers out of DB pension schemes and the value of those transfers.
It also asked the watchdog for the latest estimate of 2017/18 data on the same basis.
The FOI was submitted by former pensions minister Steve Webb who now works for Royal London as director of policy.
It finds that well over a third of a million people have transferred over £60bn out of DB schemes in the last three years.
The breakdown of the number of transfers and value of transfers by financial year is contained in the table below.
Webb says: “These figures show the continuing huge interest in using pension freedoms to access pension rights in a more flexible way.
“Although the volume of transfers has probably passed its peak, large numbers of people are still interested in seeing whether reshaping their pension benefits would be in their interests.
“It remains the case that staying in a DB scheme will be the right answer for most people, but there may be individual reasons why a different combination of pensions would give a better outcome. In such cases it is vital that there continues to be a supply of impartial and expert financial advice for those considering making such a big decision.”