Pensions - Articles - Pensions transfer activity at highest level in 11 months

 This marks the highest activity rate since August 2023 and the first month in 2024 where the Index has exceeded 0.2%. This increase in activity, following a prolonged period of lower volumes, may be attributed to greater stability in transfer values over recent months, following significant declines since 2022.

 90% of cases reviewed by the XPS Scam Protection Service in July raised at least one scam warning flag, according to XPS’s Scam Flag Index. Although this represents a decrease compared to June, the Index remains above the average level over the previous year.

 In July, XPS’s Transfer Value Index increased slightly to £158,000, largely due to a decline in gilt yields over the month. This modest reduction in gilt yields reflects the ongoing stability of the index, which has now remained at £160,000 or below for seven consecutive months.

 Helen Cavanagh, Senior Consultant, XPS Group, said: "The trend of lower, but more stable, transfer values continue into another month in 2024. Although the Transfer Activity Index has risen slightly this month, it remains approximately 25% lower than the average Index value over 2023. It remains to be seen whether increased stability in transfer values is influencing transfer volumes.”