Defined benefit (DB) transfer values continued to increase to yet another record high during July but the number of people opting to exit final salary schemes remains steady, according to XPS Transfer Watch.
XPS Pensions Group's Transfer Value index rose from £259,700 at the end of June to £261,500 on 30 July, before falling back to end the month at £260,700. According to the group, the increase was a result of a fall in gilt yields throughout July. XPS's index tracks the transfer value that would be provided by a hypothetical DB scheme to a member aged 64 who is entitled to a pension of £10,000 each year, starting at age 65. It increases each year in line with inflation. Elsewhere, XPS' Transfer Activity index fell during July. However, the number of completed transfers remained around t...
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