The FCA says that 47% of the DB pension transfer advice given to members of the British Steel Pension Scheme was ’unsuitable’ with only 21% ’suitable.’

The Coronavirus has resulted in a 30% fall in request for pension transfer quotes at one provider - seen as an indicator of future transfer activity.

The STAR initiative, the cross-industry group aiming to improve the transfer of pension and investment assets between providers, is to seek a new chairman following the decision by its chairman Tom McPhail of Hargreaves Lansdown to leave the industry.

Wealth manager St James’s Place was responsible for 10% of all pension transfers analysed by pensions actuarial consultants Lane Clark & Peacock (LCP).