Consumer complaints received by the Financial Ombudsman Service in its 2023/24 year rose by 20% year on year to reach nearly 200,000, the FOS said today. 

The rate at which pension savers were transferring out of their defined benefit pensions hit a new record low in April 2024, with only 14 members in every 1,000 transferring.

XPS’s Transfer Value Index fell 3.9% in January to £158,000, following two consecutive rises.

The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.