The number of DB transfers completed in the first three months of 2017 increased 166%, an actuarial firm has revealed.

The rise, which was based on comparisons with the same three-month period of 2016, was reported by Xafinity Group.

The data, collected on a monthly basis, has been taken from a sample of the pension schemes that Xafinity were involved in. As well as looking at the number of transfers completed analysts also looked at the number of requests for transfer value quotations which, over the same three month period, has increased by 70%.

Paul Darlow, head of proposition development, Xafinity said: “Up until October last year the number of DB transfers completed was relatively stable month on month.

“However, since October last year the amount of transfer activity has increased significantly. Indeed, the number of transfers being completed has more than doubled and the trend looks set to continue with transfer values (as measured by the Xafinity Transfer Value Index) remaining high.”

Mr Darlow said: “The impact of financial conditions over the last year has been significant and this has been a material consideration for pension scheme members, with an increasing number requesting 'partial transfers' as well as full transfers.

“Whilst the flexibility around partial transfers would be a good thing there are still barriers to overcome, with the main issue for many scheme providers being the administration complexity.

“This increase in the number of people opting to transfer their DB pensions has put regulation of this market firmly in the spotlight.

“With two documents on DB transfers published by the FCA already this year and the possibility of a thematic review impending, it is clear 2017 is going to be another interesting year for DB schemes.”