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We have analysed defined benefit (DB) cash equivalent transfer values (CETVs) over the twelve months to 30 September 2023.
Overall, transfer value activity continues to be very low. Our research indicates that not much has changed from Q2 2023 to Q3 2023, as there has only been a 3% decrease in transfer value quotations issued.
Q3 2023 was the third lowest quarter for the number of quotations issued since we started analysing data back in 2019. The only other time we saw a lower number of quotations was in Q2 2020 and Q4 2022 - of course, both these periods were impacted by extreme market volatility due to the Covid-19 lockdown and the release of the mini-budget.
"The lack of quarterly change is a reflection of the relatively stable market conditions. The continued low levels of member interest in the CETV option is likely to be due to the significant falls in CETV values over the past couple of years as gilt yields have risen. Changes introduced by the Financial Conduct Authority (FCA) in October 2020 may also be a contributing factor to the low number of transfer value quotations."
For more information, download our briefing note today.
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Explore our analysis of DB cash equivalent transfer values (CETVs) over the twelve months to 30 September 2023.
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