Transfer value experience – Q1 2023

We have analysed defined benefit (DB) cash equivalent transfer values (CETVs) over the twelve months to 31 March 2023.

Transfer value activity continues to be muted compared to previous periods, with a sustained, significant fall in the number of transfer values paid out since the so-called ‘mini-budget’ in September 2022.

Transfer values amounts have stabilised over the quarter and settled at a level about 30% lower than they were 12 months ago.

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