DB transfer volumes at five-year low despite rising values

XPS finds transfer activity hit record lows despite recovering transfer values

Martin Richmond
clock • 2 min read

Defined benefit (DB) transfer activity fell to its lowest level for five years in the final month of 2023, research from XPS Pensions Group has shown.

The latest data from the consultancy's Transfer Activity Index revealed the index experienced a consistent downward trend in 2023 and by the end of the year, it recorded an annualised rate of 18 members in every 1,000 who chose to transfer their benefits to alternative arrangements. Despite the continued fall in transfer activity, XPS found the latest data from its Transfer Value Index revealed the transfer value of a typical DB pension rose by 5% in December, and by 6.5% over the previous quarter to £164,000. The increase was driven by a fall in gilt yields during the latter months o...

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

Could AI be the answer to making pensions intelligible for all?

Could AI be the answer to making pensions intelligible for all?

'Not about dumbing down'

Paul Muir
clock 16 October 2025 • 4 min read
Torsten Bell warns pensions industry to 'face up' to its problems

Torsten Bell warns pensions industry to 'face up' to its problems

Torsten Bell told delegates to ‘keep engaging’ with the pension commissioners

Holly Roach
clock 16 October 2025 • 2 min read
Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

‘Chancellor should aim to change as little as possible in the near term’

Professional Adviser
clock 14 October 2025 • 5 min read