Pensions - Articles - ONS transfer data show a fraction of assets being held


Andrew Tully, Technical Director at Canada Life comments on the ONS pension transfer

 The data released by the ONS reveals that around £127 billion has been transferred out of UK occupational schemes since 2015. This figure may sound staggering at first however it really only represents a tiny fraction of the assets currently being held within pension schemes, so we can assume that most people appear to be staying put.

 Transfers out of DB schemes have rightly been the subject of intense scrutiny recently and it’s right that we continue to have this robust regulation in force. The majority of savers will be better off by staying in their DB scheme but it’s important that individuals are aware of the option and have access to the quality advice required. Some individuals may stand to benefit from a transfer if they are in ill health or have expensive debt.

 “On the other hand, DC to DC transfers can be more beneficial for the individual. Transferring in this instance can provide greater simplicity by having all assets in the one place, while also delivering lower charges, a wider range of investment options or greater functionality at the point of drawdown. However, it’s still worth obtaining advice in this case as transferring could mean you lose out on benefits like guaranteed annuity options or protected tax free cash.”
  

Back to Index


Similar News to this Story

2025 is a key year for pensions to consider their endgame
Aon has said that 2025 is a key year for UK pension schemes and has formed the UK Endgame Strategy team to help schemes with the decision-making proce
How pension tweak could save employers thousands
National Living Wage increased this month from £11.44 to £12.21 per hour. Employer National Insurance (NI) has also risen and the threshold at which e
2024 pension contributions surge but gender gap widens
New analysis from PensionBee highlights a sharp increase in pension contributions in 2024, despite ongoing pressures on household budgets.

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.