Db transfers

Pension transfer values fluctuated mildly during June, continuing the stability seen throughout 2018 so far, according to XPS Pensions Group's transfer value index (TVI).

Respondents were split in this week's Pensions Buzz on whether the £1m maximum penalty for failing to notify The Pensions Regulator (TPR) of certain corporate events was appropriate.

Pension transfers increased to a record £10.6bn in the first quarter of this year, Office for National Statistics data reveals.

Some 100,000 defined benefit (DB) transfers took place in the 2017/18 financial year, according to estimates by The Pensions Regulator (TPR).

Pension transfer values fell from £235,000 at the end of March to £232,000 at the end of April, according to Xafinity's Transfer Value Index (TVI).

The FSCS has cited the growing number of claims relating to defined benefit (DB) pension transfers as the main reason for the lifeboat scheme's levy for this year being a fifth higher than it forecast in January.

Pension transfer values rose last month from £232,000 at the end of February to £235,000 by the end of March, according to Xafinity's Transfer Value Index (TVI).

More members are transferring out of defined benefit (DB) pension schemes when informed of the option, which suggests trustees must think carefully about member communication, according to research.

Independent governance committees (IGCs) may see their remit expanded to include reporting on social investing issues under Financial Conduct Authority (FCA) plans unveiled in its business plan today.

The Financial Conduct Authority (FCA) has abandoned plans to drop the unsuitable defined benefit (DB) transfer assumption as a result of concerns about unsuitable advice being given in the area.