Pension transfers hit six-year low as 'charging ban bites'

Mark Battersby
clock • 3 min read

The number of people who went ahead with a pension transfer in Q4 2020 after receiving a quotation from an adviser fell to the lowest levels in six years, according to new analysis of the DB pensions transfer market by retirement consultancy Lane Clark and Peacock (LCP) LCP highlighted how the lowest take-up rate of transfer quotations since 2015 came "as last October's FCA contingent charging ban bites". The low rate continued the steady downward trend since peak take-up rates of 34% in 2017. "It appears the trend has been exacerbated by the FCA contingent charging ban on adviser...

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