View more on these topics

Pension transfers hit record £10.6bn in Q1

technical financial graph on technology abstract backgroundPension transfers hit a record of £10.6bn in the first quarter of this year, according to Office for National Statistics data.

The figures show the value of pension transfers in 2017 was revised up £2.5bn to £36.8bn.

AJ Bell senior analyst Tom Selby says: “The Q1 2018 figure also likely includes a large number of transfers away from the British Steel Pension Scheme.”

Selby says: “Over time pensions transfer volumes should edge downwards as the number of people with significant funds eligible for a transfer diminishes, but as things stand we remain in the eye of the storm.”

In April, HM Revenue & Customs data showed savers withdrew £1.7bn using the pension freedoms in the first quarter of this year.

According to HMRC, there were 500,000 payments made to 222,000 people over the period which took the total amount of money withdrawn since the pension freedoms started in April 2015 to £17.5bn.

Recommended

Tapper-Henry-First Actuarial-2013
16

Henry Tapper: ‘We’ve really made a mess of DB transfers’

First Actuarial director and British Steel campaigner Henry Tapper has criticised the role of unregulated introducers in encouraging unsuitable defined benefit transfers out of the scheme. Tapper has been heavily involved with Operation Chive, the pro-bono adviser-led initiative to give help and guidance to steelworkers after the British Steel Pension Scheme’s collapse left them vulnerable […]

2

PFS updates guide on DB transfers for advisers

The Personal Finance Society has updated its guide on pension transfers from defined benefit to defined contribution schemes for advisers. This replaces the earlier good practice guide first published in February 2017 and registers a number of important developments in the market. These include the FCA’s consultation about advising on transfers and its supervisory work […]

Manufacturing-Plant-Factory-Industrial-700x450.jpg

Pensions Regulator: We could have done more on British Steel transfers

The Pensions Regulator admits it could have done more to help British Steel Pension Scheme members understand the consequences of transferring out into defined contribution plans. In its response to the work and pensions select committee’s report into British Steel published today the regulator reflects on what it has learned from the saga. TPR says […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com