The transfer value a typical DB pension could attract fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.
Defined benefit pension transfer values rose in February with Coronavirus fears spurring the rise, according to the XPS Transfer Watch Index, a monthly study of transfer values.
December was the fourth month in a row where pension transfer values monitored by XPS fell, although the number of people making a transfer rose.
The number of Defined Benefit (DB) transfers fell in November as transfer values also slipped, according to the latest XPS Transfer Watch.
Cashflow planning software firm CashCalc has revealed it is to withdraw its Transfer Value Comparator (TVC) tool from its available suite of tools.
The rapid increase in DB transfer values has been a key factor in the rise in pension transfers and not greedy advisers seeking contingent charging fees, says platform and SIPP provider AJ Bell.
Pensions group XPS, owner of the Xafinity SIPP and SSAS business, has launched XPS Transfer Watch, a service to track pension transfers by value and activity.
Pension transfer values as measured by the XPS Pensions Group Transfer Value Index increased “substantially” during March, the firm has said.
Pension transfer values as measured by Xafinity SIPP owner XPS increased by nearly £5,000 during February before dropping sharply to end unchanged over the month.
Pension transfer values, as measured by the XPS Pensions Group Transfer Value Index, fluctuated moderately during January 2019, but with no overall change over the month.
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