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DB pension transfer activity hits record low


By Sophie Smith

Defined benefit (DB) pension transfer activity fell to a record low in February 2025, according to XPS Group's Transfer Activity Index, which the group highlighted as evidence of increasing member caution over retirement arrangements.

There was also a spike in the group's Scam Flag Index, as 92 per cent of cases reviewed by the XPS Scam Protection Service in February 2025 raised at least one scam warning flag, making the the highest level seen since June 2024


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Industry reliance on outdated technology could risk 'stifling' engagement

Many pension providers are still relying on outdated technology, with nearly half (41 per cent) still posting out letters, despite UK workplace pension savers wanting better digital tools to connect with their pensions, research from Bravura has revealed

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Advisers concerned about IHT changes; half of clients affected by reforms

Nearly three quarters (71 per cent) financial advisers are concerned about pensions being brought into scope of inheritance tax (IHT) from 2027, research from Quilter has found

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'Concerning' number of savers failing to take pension advice, research reveals

Less than two fifths (39 per cent) of UK adults aged 50 and over took advice from a financial adviser before taking money out of their pension, research from Royal London has revealed

Story 5

DWP to resolve remaining state pension underpayment cases by March 2027

The Department for Work and Pensions (DWP) has said that it is expecting to resolve all remaining state pension underpayment cases by the end of March 2027, with further updates to be shared as part of the government’s ‘Spring Forecast’ later this week (26 March)

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Record 299 buy-ins completed in 2024

A total of 299 defined benefit (DB) pension scheme buy-ins were completed in 2024, marking the largest ever number of transactions completed in a single year, analysis from Hymans Robertson has confirmed

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One in eight potential annuity customers unwilling to shop around

Around one in eight (12 per cent) people intending to purchase an annuity would not consider switching from their existing pension provider to another supplier, even if they could potentially gain additional retirement income, research from Canada Life has revealed

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News in brief - 21 March 2025

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