This is the third in our series of defined benefit papers. You may be wondering why the need for another; the last changes were implemented in October 2020 so what could we possibly need to tell you all about now?

And it’s exactly those changes that we want to cover. The defined benefit pension transfer market has undergone considerable change in the last few years, and it feels like the market has been chasing its tail off the back of pension freedoms. Now the regulatory changes seem to have settled, we wanted to take this opportunity to look at the defined benefit market, look at the context that prompted these changes, and then exactly what the changes were.