The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.

The number of defined contribution pension transfers in 2023 soared by 22% to 1.2m despite predictions of a decline in the market.

The Financial Conduct Authority (FCA) has imposed restrictions on KBFS Financial Limited following concerns over its failure to pay redress to former members of the British Steel Pension Scheme.

DB transfer values have fallen by a third since June 2018, according to the latest data from XPS’s Transfer Value Index.