XPS Pensions Group’s Transfer Activity Index reached its highest level since July 2020, showing an annualised rate of 87 members per 100,000 were transferring pensions to another provider during November. |
XPS Pension Group’s Transfer Value Index recovered following the record low in October. The Index stood at £179,000 at the end of the month, an increase of 2% from the previous month. The increase in transfer values was largely a result of a small fall in gilt yields during November. With financial markets stabilising, transfer values were much less volatile in November, with only a 5% difference between the highest and lowest values seen during the month, down from an 18% difference in October. 93% of cases reviewed by the XPS Scam Protection Service in November raised at least one scam warning flag, according to XPS’s Scam Flag Index. Although slightly down compared to the previous month, the Index continues to highlight that almost all cases reviewed raised flags, with overseas investment in the receiving scheme making up the majority. Mark Barlow, Head of Member Options, XPS Pensions Group, said: “We saw a significant spike in the number of members taking a transfer during November, with activity at levels not seen for over two years. This may be due to members looking to their pensions to help them to manage through the current cost-of-living-crisis.
"With transfer values still near record lows it’s important that members are receiving high quality financial advice before making decisions that could impact their retirement. As highlighted in our recent member outcomes survey, pension schemes can be a crucial source of support for members, helping them to make the right decision for their circumstances.” |
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