The Personal Finance Society has warned regulators and government that advisers are ditching pension transfer advice due to soaring professional indemnity premiums.

The Personal Finance Society today reported that more than 1,100 advisers have signed up to the Pension Transfer Gold Standard in its first six months since launch.

There is a common mis-conception that Defined Benefit transfers are the scourge of society, an inherent evil that must be stamped out. This is far from true.

DB transfer values rose to record highs in August 2019, while the number of members requesting a transfer value continues to increase, according to XPS Transfer Watch.