A SURGE in pension transfers typically worth more than the value of the average home has taken place over the last year, a survey of financial advisers has found.
Mutual insurer Royal London found a growth of more than 50 per cent in the volume of transfers out of final salary pensions taking place in the last year, with the most common transfer value lying in the £250,000 to £500,000 range.
This compares with an average house price in the UK of £216,000 as at March 2017.
Final salary pensions, which are a type of defined benefit (DB) scheme, are often described as “gold plated” because they give savers a guarantee that they will have a certain level of income when they retire and they have become increasingly scarce.