The number of defined benefit pension transfers in July surged to the highest level since August 2023.

The DB Pensions Transfer Value Index compiled by XPS Pensions increased by 2.6% during November to £156,000, the biggest increase seen since March.

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.

The Financial Conduct Authority (FCA) has confirmed that it will start a periodic review of pension transfers redress guidance by the end of 2021.

Nearly 70% of DB transfers went ahead when contingent charging was used compared to less than 28% when non-contingent charging was applied, according to a Freedom of Information request.

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

Almost £10bn was transferred out of defined benefit pensions in the final quarter of 2019, according to official data.

Defined benefit transfer values rose nearly 4% during May with the number of members taking a transfer value also increasing from the record low observed in April.

Barnett Waddingham has warned that there are likely to be too few advisers to meet demand from the 120,000 pension savers a year it predicts will need DB transfer advice.