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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | May 2009 (9 blogs) | Surge in early retirement and pension transfer interest
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Surge in early retirement and pension transfer interest
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This morning’s FTAdviser announces the launch of The Aon Admin Tracker (described by Aon as ‘…to provide an insight into how the worsening economic environment is changing public attitudes and behaviour towards pensions...’). The Tracker looked at a sample of 350,000 members of money purchase and defined benefit schemes and the key findings in the first quarter of 2009 revealed:
- Retirement quotes - Up 56% overall on 2008 (55% DB, 71% DC)
- Transfer out quotes - Up 17% overall on 2008 (20% DB, 8% DC).
- Fund switches – Just 0.02% of DC members switched in March 09
- Leavers - Up 18% overall on 2008
- AVC Illustrations - Down 8% overall on 2008
These are interesting facts which I would assume are caused by a general concern about pension provision caused by the credit crunch. I’d also suggest that some of the increased activity is driven by the rise in minimum pension age from April 2010. Expect to see a further increase in members’ interest in drawing benefits reflected in the Q2 figures as we get closer to next April. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, May 18th 2009
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