The ban on contingent charging and the pandemic have resulted in a major slump in pension transfers, according to new research. 

Nearly 70% of DB transfers went ahead when contingent charging was used compared to less than 28% when non-contingent charging was applied, according to a Freedom of Information request.

The number of DB transfer requests has fallen dramatically since the FCA introduced a ban on contingent charging last year, according to analysis from actuarial firm LCP.

The industry is split on its response to the FCA’s ban announced today on most contingent charging on DB pension transfer advice.