Pension transfer activity as monitored by XPS Pension Group dropped off by nearly 12% during April.
This equated to an annualised rate of 34 members per 100,000 transferring out of their current scheme to an alternative arrangement. This is the lowest activity seen on the Group’s Transfer Activity Index for nine months.
XPS’s Transfer Value Index shows transfer values have fallen over the past 12 months, from £217,000 in May 2022 finishing the month at £169,000 in April 2023 – a similar level as February 2023. The fall is primarily due to a slight rise in gilt yields over April, coupled with decreasing long-term inflation expectations.
An increase in XPS’s Scam Flag Index was observed in April with 94% of cases reviewed by the XPS Scam Protection Service over the month raising at least one scam warning flag. This is up from 90% the previous month and is the eleventh consecutive month of this Index exceeding 90%.
