Pension transfers hit record £10.6bn in first quarter
The belief that UK pension transfers peaked in 2017 has been proven wrong as figures from the UK's Office for National Statistics (ONS) show £10.6bn flowed out of defined benefit schemes in the first quarter of 2018. The £10.6bn (€12bn, $13.9bn) figure for 1Q18 is a record breaker, beating 4Q17 when £10.3bn was transferred.
It is also £3.1bn higher then the first quarter of 2017, when £7.5bn in pension transfers were recorded, while in 1Q16 only £2.4bn was transferred.
The latest ONS results further revise the total value of pension transfers in 2017 up by £2.5bn to £36.8bn. Please link to International Adviser to read the full article. by Tom Carnegie.