DB transfer activity rises for third consecutive month - XPS

Scam activity dropped during June but remains high

Holly Roach
clock • 1 min read

Defined benefit (DB) transfer activity rose in June for the third month in a row, according to XPS Pensions Group.

The consultant's Transfer Watch revealed that 75 members out of every 10,000 members are now transferring their pensions annually - the highest level seen since July 2020. This comes after XPS revealed pension transfer values saw the largest ever monthly fall in February. XPS said transfer activity is picking up as lockdown restrictions ease further. Transfer values dropped slightly in June to £248,000, compared to £251,000 the month prior. For comparison, transfer values in July 2020 sat at £261,000. The consultant said the small drop in the transfer value index "reflected a conti...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

All change: Adjusting to life after the lifetime allowance

All change: Adjusting to life after the lifetime allowance

Despite initial confusion new system is 'surprisingly straightforward'

Susan Dalton
clock 03 June 2024 • 5 min read
LTA removal: Navigating policy intentions versus practice

LTA removal: Navigating policy intentions versus practice

'HMRC has acknowledged the faults' and will fix the issues

Josh Croft
clock 30 May 2024 • 2 min read
Our daughters deserve better! Closing the gender pension gap

Our daughters deserve better! Closing the gender pension gap

'Raising awareness, collaboration, and education, are key'

Susan Hope
clock 28 May 2024 • 4 min read