Defined benefit transfer activity increased in June for the third month in a row to high the highest levels seen since July 2020.

The ban on contingent charging and the pandemic have resulted in a major slump in pension transfers, according to new research. 

Nearly 70% of DB transfers went ahead when contingent charging was used compared to less than 28% when non-contingent charging was applied, according to a Freedom of Information request.

The number of defined benefit pension transfers with at least one warning sign of a potential scam or poor member outcomes has hit its highest level in five months.