FOI reference - FOI 2017-10-18
Date - 18/10/2017
Under the Freedom of Information Act, I would like to know:
How many people in the UK you estimate have transferred out of their defined benefit (DB) pension schemes in the last year.
Please provide the data broken down by quarter with a year-end of 30 September. If it is not possible to provide the data with a year-end of 30 September, then please provide the data with the nearest end date as possible to the present day.
I can confirm that we hold information falling within the scope of your request.
Information we are able to supply
Based on scheme return data, we estimate that approximately 80,000 members transferred from DB schemes in the 12-month period up to the effective date of the most recent scheme report and accounts covered by the 2017 scheme return.
This estimate has been extrapolated as not all of these schemes have reported how many transfers they carried out. Transfers include those initiated by the member, the employer or trustee where the member’s benefits move to another pension scheme or are converted to another type of benefit within a scheme.
Information we are not able to supply
We only hold an annual figure for the last reported accounting period and are therefore unable to provide any additional breakdowns such as quarterly figures.