Barnett Waddingham: Transfer value experience - Q4 2023

Barnett Waddingham has analysed defined benefit (DB) cash equivalent transfer values (CETVs) over the twelve months to 31 December 2023. Its five-year analysis of transfers out of DB schemes suggests that transfer activity peaked in Q4 of 2021. Since this high point, the number of members transferring out of schemes reduced for seven consecutive quarters, reaching an all-time low in Q3 2023. While CETV activity continues to be mooted by historical standards, Barnett Waddingham’s analysis shows that Q4 2023 was the quarter that bucked this steady decline in activity – with 15% more members...