In the first three and a half years since the Pension Freedoms were introduced in 2015 more than 230,000 members of Defined Benefit schemes have received guidance from a financial adviser.

Pension transfer specialist Tideway has claimed that UK workers could collectively be up to £25bn out of pocket if they are persuaded not to take advantage of final salary transfer offers by negative publicity on DB transfers.

The Personal Finance Society has challenged the FCA’s recent DB transfer data and has welcomed what it calls the regulator’s acknowledgement of the limitations of the data.

More than 600 firms have signed up in the first six weeks to support the PFS’s new Pension Transfer Gold Standard designed to improve best practice in Defined Benefit transfers.