Pension transfer activity dropped to its lowest level in four years in December.

XPS Pensions Group, the actuarial, consulting and admin business, is to acquire the business and key assets of Manchester-based SIPP and SSAS provider Michael J Field Consulting Actuaries for £3.75m.

Retirement provider XPS Pension Group says its Pension Transfer Value Index climbed to a new high of £270,000 at the end of November due to forecasts of increased inflation and a dip in gilt yields.

Falling gilt yields pushed DB transfer values to a new record high of £265,200 on 28 October.

Defined benefit pension transfer values held up close to their record high for most of September but slipped in the last 10 days of the month due to a sharp increase in government bond yields.

A new survey has revealed that 99% of DB pension transfers clients move their money into SIPPs. 

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.

XPS Pensions Group has promoted six new partners across its actuarial, pensions, investment, and administration businesses across a range of UK locations.

XPS Self Invested Pensions is to waive its property purchase fee for property purchases for new SIPP and SSAS clients.

DB pension transfer values showed a recovery in March after dipping in February, according to the monthly XPS Transfer Watch.