Pension transfers hit a new record in Q1 2018, reaching £10.6bn

The vast majority of these are likely to be people quitting guaranteed defined benefit schemes in favour of more flexible defined contribution plans.

The total value of pension transfers in 2017 was revised up £2.5bn to £36.8bn.

AJ Bell senior analyst Tom Selby said: “The stampede to quit guaranteed defined benefit pension schemes shows no signs of slowing down, with the first three months of 2018 setting another record for pension transfers.

“We have witnessed a perfect storm for DB transfers in the UK, with a combination of the attractiveness of the pension freedoms, high transfer values and headlines about high-profile companies – most notably BHS and Carillion – going bust all undoubtedly influencing people’s decision to exit.Over time pensions transfer volumes should edge downwards as the number of people with significant funds eligible for a transfer diminishes, but as things stand we remain in the eye of the storm.”

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