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

Salary sacrifice protections overturned by House of Commons

Salary sacrifice protections overturned by House of Commons

Commons overturns Lords amendment to increase cap to £5,000 from initial £2,000 proposal

Holly Roach
clock 24 March 2026 • 1 min read
 Rachel Vahey: Advisers and clients still need clarity on NMPA increase

Rachel Vahey: Advisers and clients still need clarity on NMPA increase

'HMRC has had years to clear this up but has sat on its hands'

Rachel Vahey
clock 11 March 2026 • 4 min read
Pension freedoms exposed a longevity problem we still refuse to confront

Pension freedoms exposed a longevity problem we still refuse to confront

'The gap between product complexity and consumer understanding is not narrowing'

Julia Fintz
clock 11 March 2026 • 4 min read