Pension transfer values have fallen by 6% since the start of the year, according to data from XPS.
The firm’s Transfer Value Index recorded a modest increase in September 2025, though the quarterly average remained below the previous period. At month-end, values were almost 3% down on the end of June 2025.
XPS said transfer values have dropped 6% since the start of the year but while overall values remain low, the index has shown a period of greater stability, with month-end values fluctuating within a £5,000 range over the past six months.
Meanwhile, transfer activity increased slightly in September. XPS Group’s Transfer Activity Index rose to an annualised rate of 18 in every 1,000 members transferring their benefits to alternative arrangements. After a steady start to the year, the index has shown greater volatility over recent months.
XPS added that 92% of cases reviewed by the XPS Scam Protection Service in September raised at least one scam warning flag, a marginal 1% drop from August. It marks the first quarter since the summer of 2023 where the index has remained above 90%.
Helen Cavanagh, senior consultant at XPS Group, said: “Whilst transfer values have fallen over the course of 2025, we have also seen signs of greater stability over Q3 which is a promising sign, suggesting a more predictable environment for pension decision-making.
“This is crucial for members approaching retirement as they will be able to make more informed decisions about the options that may be most suitable for them.”
Cavanagh added: “It’s clear that the issue of pension scams is not going away, with the majority of transfers continuing to raise at least one scam warning flag, albeit in many cases this is the ‘overseas investments’ flag which some may view as a lower risk flag.”
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