Quilter has seen the value of new business coming from defined benefit transfers halve in the third quarter of this year.
The platform saw £0.3bn of defined benefit to defined contribution pension inflows in the third quarter of 2018, down from the £0.6bn it received in the same period last year.
Chief executive Paul Feeney put this down to the firm and its advisers taking a "more cautious" approach.
Commenting in a third quarter trading update to the market this morning (24 October), Mr Feeney said: "Worthy of note is the more cautious approach both we and the advisers who use our platform have taken towards defined benefit to defined contribution pension transfers.
"These totalled £0.3bn in the third quarter of 2018 versus £0.6bn in the comparable period of 2017."
FTAdviser reported in September that several players in the pension market were reporting a slowdown in defined benefit pension transfers, as bad publicity and an added level of scrutiny from financial advisers has started to take effect.
Meanwhile, Quilter reported £3.7bn of net inflows for the first nine months of the year, excluding its life assurance business. This compared with £3.8bn for the same period in 2017.
About £3bn of the £3.7bn of inflows came from clients of Quilter’s advice business Quilter Private Client Advisers.
Mr Feeney said with the current market turbulence and political uncertainty having rattled the confidence of many, he regarded the dip as showing a relatively strong performance.
He said: "Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a market-wide reduction in net retail flows.
"Year to date flows across the market are down 55 per cent on the comparable period according to the Investment Association."