New Survey: Member outcomes under freedom and choice

XPS Pensions Group launched its second annual survey on member outcomes under freedom and choice. Building on last year’s survey, where 6,000 transfers were followed with an average transfer value of £235.000, XPS’ 2019 survey tracked a further 1,800 transfers where the average transfer value has risen over 15% to c£275,000. With so many members leaving schemes (approximately 1.5% of eligible members or 70,000 each year) there is still disappointingly little variety of destination for transfers, as the survey reveals 99% of members are moving to a self-invested personal pension (SIPP). 

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