Old Mutual has reported £1.8 billion in gross sales through Defined Benefit transfers last year.

St James’s Place says there is increasing interest in DB transfers among its clients but it remains ‘cautious’ in its approach.

More than two out of five of advisers (44 per cent) have seen a rise in the past year in the number of insistent clients wanting to push ahead with defined benefit pension transfers despite recommendations against.

Nearly 100 companies have been examined by the FCA as part of its DB transfer advice investigations.