The FCA’s long-awaited pension transfer rule changes are likely to be pushed back by at least six months in a move described as “very disappointing” by a leading pensions actuary and consultancy firm.

The number of Defined Benefit transfers fell in November as transfer values slipped, according to the latest XPS Transfer Watch.

In the first three and a half years since the Pension Freedoms were introduced in 2015 more than 230,000 members of Defined Benefit schemes have received guidance from a financial adviser.

Pension transfer specialist Tideway has claimed that UK workers could collectively be up to £25bn out of pocket if they are persuaded not to take advantage of final salary transfer offers by negative publicity on DB transfers.