DB transfer

This week's top stories included the House of Lords amending the Financial Guidance and Claims Bill to introduce new requirements around cold calling.

Several changes made

Steve Webb says as schemes may have to invest in systems to generate regular transfer values, offering valuable partial transfers shouldn't be too burdensome.

Defined benefit (DB) transfer values rose steadily over August, increasing from £230,000 at the beginning of August, to £237,000 by the end of the month, according to Xafinity.

Has had 'positive' dialogue with FCA

Volatile gilt yields saw the estimated average defined benefit (DB) to defined contribution (DC) transfer value fall by £9,000 over June, Xafinity has said.

The Pensions Ombudsman (TPO) has stood behind the Standard Life staff pension scheme's decision to not issue a new transfer value, despite a member agreeing to pay for it.

The industry has broadly welcomed the Financial Conduct Authority's (FCA) plans to modernise processes around pension transfers in response to concerns over surging demand.

Over 80% of advisers expect an increasing number of transfer requests from defined benefit (DB) scheme members over the next year, according to a survey.

Variation in gilt yields led to a £4,000 rise in the average estimated defined benefit (DB) transfer value over the course of May, Xafinity has estimated.