Transfer value experience – Q4 2022

We have analysed defined benefit (DB) cash equivalent transfer values (CETVs) over the twelve months to 31 December 2022. 

Interest in, and activity related to, transfer values fell markedly over the second half of 2022. We expect this was driven by the volatile economic environment and fallout from the 'mini-budget.'

This was seen in both individual activity across our clients and the fall in bulk transfer value exercises brought to market. 

"As a result of the extreme market volatility in September and October 2022, many schemes made changes to their CETV processes, including suspending transfer value options in some instances."

With many schemes implementing revised investment strategies in response to recent market events, schemes should consider reviewing their existing CETV assumptions and processes to ensure they remain fit for purpose.

For more information, download our briefing note today.