DB transfer values volatile throughout September

XPS's transfer value index reached a record high of £260,400 on 3 September before dropping sharply to a low of £247,700 just 10 days later. The index recovered to finish the month at £254,300, down slightly from £255,600 at the end of August. XPS said the movements were primarily driven by gilt yields over the month. 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 ha...