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Transfer values rise to a record high

6 August 2020

Defined benefit (DB) transfer values increased to a record high during June and the number of members taking a transfer value rebounded strongly from the lows observed in recent months, according to XPS Transfer Watch. 

XPS Pensions Group’s Transfer Value Index rose from £258,600 at the end of May to reach a record high of £260,800 in mid-June, before falling slightly to end the month at £259,700. The increase was a result of a rise in long-term inflation expectations during the month, partially offset by rising gilt yields.

XPS Pensions Group’s Transfer Activity Index rebounded strongly in June, with the number of completed transfers increasing to an annual equivalent of 1.05% of eligible members, the highest rate seen since March 2019. This represents just over 10 in every 1,000 eligible members transferring each year.

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