Pension transfer values soar during May

The index rose to near-record highs during May but ended the month at £241,500, down slightly from the £242,300 recorded at the end April. According to XPS, the rise was driven by a fall in government bond yields over the month, which was partially offset by a fall in inflation expectations. 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. The index launched three years ago and has recently been updated to ...