Member Outcomes Survey 2020:
Predicts increasing member vulnerability in pension transfer activity over the next 12 months
Today we launched our third Member Outcomes Under Freedom and Choice survey which shows a modest improvement in outcomes for pension scheme members choosing to transfer, when compared to last year. The survey reviews the outcomes for 2,200 members and highlights recommendations to help trustees and employers improve member outcomes.
Key findings include:
- The average transfer value was £290,000, an increase of around 5% since last year.
- 98% of members transferred to Self-Invested Personal Pensions (SIPPs), a slight reduction from last year.
- 30% of schemes we work with have taken action to improve outcomes for their members.
- The value of transfer values has increased post COVID-19 and transfer activity has also started to pick up since April.