Almost 400,000 Savers Ditch DB Schemes

FOI request reveals that £60 billion has been transferred out of defined benefit pension schemes over the past three years

Annalisa Esposito 24 July, 2019 | 3:17PM

Exit sign

Nearly 400,000 savers have transferred more than £60 billion out of defined benefit (DB) pension schemes in the past three years, according to a Freedom of Information request made by Royal London’s director of policy, Steve Webb.

The number of people transferring out of final salary schemes more than doubled in the 2018/19 tax year with 210,000 savers transferring £34 billion. Four years on from the introduction of pension freedoms, transfers out of older style pension pots are gaining traction.

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About Author

Annalisa Esposito  is a data journalist for Morningstar.co.uk

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