Pension investments rose by 66.3% year on year in the third quarter to hit £13.4bn, according to analysis from intermediary database provider Equifax Touchstone.

The boom in pension transfers is set to continue with news that flexible drawdown pension transfers surged by 13.6% (£114m) in the second quarter of this year to reach £954m.

A new survey has revealed the rapid growth of Centralised Investment Processes (CIPs) with 82% of intermediaries now using a CIP and 76% using model portfolios.

New pension investments (excluding transfers) jumped by over a third (36.8%) during Q1 2017, rising to £6.8bn from £5bn in Q4 2016.