Pensions Transfers Healthier Than FCA Fears, Broker Says

Law360, London (August 23, 2019, 1:11 PM BST) -- The pensions transfer market is “functioning better” than the Financial Conduct Authority fears after savers were permitted to dip into their retirement schemes in 2015, a stockbroker said Friday, raising questions about whether the watchdog should ban advisers from reaping rewards for transfers.

More retirement savers transferred out of their defined benefit pensions when the amount they could walk away with in a payout has been higher than in previous years, according to data from the Financial Conduct Authority. The figures were obtained by AJ Bell through a freedom of information request.

Most recent figures show that 69% of consumers who were...

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