December concludes turbulent year for DB transfer values

December 2019 marked the fourth month in a row that saw the firm's Transfer Value Index (TVI) fell while in tandem more individuals took their transfer value from schemes administered by XPS Pensions Group. XPS's TVI fell from £241,700 at the end of November to £238,800 at the end of December, a decrease of more than 1% driven by increases in gilt yields over the month. The index ended the year 9% below its peak of £260,400 on 3 September 2019. It started the year on 1 January at £235,200 and ended at £238,800 on 31 December, meaning transfer values effectively finished 2019 where the...