DB transfer values climb in January

The TVI climbed £7,000 from £238,800 at the end of December to £245,800 at the end of January, reversing the trend of declines experienced in the last quarter of 2019. XPS said the movement was driven by a 0.3% fall in gilt yields over the month, which was partially offset by a smaller 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. Elsewhere the firm's Transfer Watch, which...