Defined benefit transfers double since January

clock

The number of people transferring out of defined benefit (DB) pension schemes each month has doubled over the last year, according to figures from Xafinity.

The administrator's data shows that the number of transfers it handled increased sharply in June, and peaked in October, while November's figures were still almost twice the level seen in January. The number of transfer quotations requested also increased markedly, with the number of monthly requests 50% higher in November than they were at the start of the year. The industry had been braced for an increase in transfers after defined contribution retirement regulations were relaxed in April to allow members to withdraw their cash however they want, subject to taxation. Xafinity hea...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Third Financial launches white-labelled SIPP

Third Financial launches white-labelled SIPP

Titan Wealth first client to use service

Jenna Brown
clock 29 June 2026 • 1 min read
Environmental due diligence for SIPP/SSAS is as important as ever

Environmental due diligence for SIPP/SSAS is as important as ever

Environmental due diligence isn't just a ‘tick-box'

Caitlin Southall
clock 29 June 2026 • 4 min read
DWP publishes state pension age communications action plan

DWP publishes state pension age communications action plan

Government confirms plan to develop strategy with ‘timely’ and ‘modern’ communications

Martin Richmond
clock 25 June 2026 • 4 min read