A new poll of Personal Finance Society members suggests nearly 90% of Financial Planners will never return to the way they worked before the pandemic.

Defined benefit (DB) transfer values increased by nearly 4% during May and the number of members taking a transfer value rose slightly from the record low observed in April.

Pension consultancy Barnett Waddingham has warned that there are likely to be too few advisers to meet demand from the 120,000 pension savers a year it predicts will need DB transfer advice.

Fintech firm Wealth Wizards, which combines Chartered Financial Planning and robo advice, has launched an automated ‘algorithmic’ abridged advice service for DB transfers.