The value of typical defined benefit (DB) pension transfers dropped by nearly 7% in May to £159,000, latest XPS Pensions Group’s Transfer Watch analysis reveals.
Lane Clark & Peacock (LCP) has called on the government to consider amendments to the pension freedoms rules to provide defined benefit (DB) members with a greater level of freedom and choice when accessing their benefits.
A majority of pension transfers which raised an 'amber flag' warnings are as a result of an unknown reason or for transfers pertaining to overseas investments, according to data released by the Money and Pensions Service (Maps).