Defined Benefit  

DB transfer fees have reached 'record high', warns XPS

The difference between charges for the most expensive and cheapest receiving vehicles resulted in pensioners paying £8,500 extra in fees each year, XPS said.

Savers risk running out of money 10 years earlier unless financial advice and lower cost options are made available, it warned. 

Barlow said: “We’ve been encouraged to see trustees and employers step up support, with 50 per cent of members of schemes we work with now having access to enhanced support, up from 31 per cent last year. 

“However, the pent-up demand from fewer transfers and retirements means there’s likely to be an increase in members considering their options soon.

"As a result, it’s as important as ever that trustees and employers take steps to improve the support they provide and ensure the best outcome possible for their members.”

amy.austin@ft.com

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