Covid-19 leads to most volatile month for DB transfer values

XPS's transfer value index (TVI) fell from £249,700 at the end of February to £242,600 at the end of March, and in the middle of the month, transfer values fell 11% to a low of £222,800 - a level not seen since July 2016. According to XPS, the dramatic movements were largely due to fluctuations in gilt yields as the Covid-19 outbreak took hold during March. 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. E...