Defined benefit (DB) transfer values rose by nearly 4% in May, and the number of members taking a transfer value increased slightly from the record low observed in April, according to XPS Pensions Group.
XPS's transfer value index increased steadily throughout May, finishing the month at £258,000 up from £249,300 at the end of April. The increase was a result of a rise in long-term inflation expectations during the month, and now marks the index as only marginally lower than the record value of £260,422 observed in September 2019. 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 group's trans...
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