The volume of defined benefit transfers has fallen sharply over the last three weeks, according to consultants Lane, Clark and Peacock.
In a weekly analysis, LCP looks at the number of requests to transfer out of 81 DB schemes it administers.
The purpose of the exercise is to monitor how transfers have been affected by the Covid-19 crisis.
The latest numbers show there has been a noticeable fall in the number of DB transfers from late June to now.
This is a marked contrast to signs in May and early June that activity was approaching previous levels.
For instance, the weekly transfer average was 49 for the first 10 full weeks of 2020 before lockdown started.
This fell to 21 during the seven weeks of strict lockdown between 23 March and 10 May but rose to a high of 46 in mid-June.
Since then this has steadily decreased to 31 as at the week commencing 6 July
Commenting on the findings, LCP partner Bart Huby says: “It is notable there has been such a dramatic drop off in transfers in the last three weeks. It is hard to say what the exact cause is.
“The ban on contingent charging and difficulty in securing professional indemnity insurance could be elements that are contributing to this.”