One pound in every £6 transferred out of a defined benefit pension scheme went to St James’s Place (SJP) in 2020.

According to research from pensions consultancy LCP, 37.5 percent of all transfers went to SJP, AJ Bell and Royal London.

The position of vertically integrated wealth management advisers remained steady, with a similar share of transfers (around 26 percent) and a 32 percent rise in the average transfer value to over £520,000.

Independent platforms’ market share rose from 23 percent to 29 percent, and saw their average transfer payment growing by a third to nearly £695,000.

LCP foun...