Pension transfer report demand at 'staggering' levels


FT Adviser, Friday 3 February 2017

Prudential has recorded an eightfold increase in demand for its defined benefit transfer value analysis report (TVAS) service over the last two years, in trends that reflect an industry-wide surge.

The revelations came after the Financial Conduct Authority issued a warning to advice firms about defined benefit transfers, stating a number of firms were failing to meet regulatory standards.

Prudential informed FTAdviser that, as of January 2017, it was completing more than 800 TVAS reports a month, based on a six month average.

That compared with an average of just over 100 a month in 2014.

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