Pension transfer activity falls to lowest level in five years
As FCA updates guidance on how to support vulnerable clients when providing pension transfer advice
XPS Pensions Group
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DB transfer values fall by 8%
As 95% of cases reviewed in June raised at least one scam warning flag
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DB transfer values fall to lowest month-end level for 7 years
93% of cases raised at least one scam warning flag in May
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12% fall in pension transfer activity
It has decreased to its lowest level in nine months
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DB pension transfer values rise by 4%
As activity falls to lowest level since September
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DB pension transfer values suffer 4% drop
While 92% of cases raised at least one scam warning flag in February
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DB transfer values stable after 37% slump last year
93% of cases raised at least one scam warning flag in January
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DB transfer values plummet 37% in a year
2022 also saw a large rise in transfers being flagged as showing potential signs of a scam
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Pension transfer activity highest since 2020
After it reached a record low in October 2022
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Pension transfer values hit all time low
They have fallen 33% since December 2021
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Over 90% of pension transfer requests flagged as scams – again
As transfer values fall below £200,000 for the first time since 2016 making the return of annuities more appealing