Pensions - Articles - Transfer activity falls to lowest level in over five years

  This is the lowest level of activity seen since the Transfer Activity Index was first published in May 2018, and is approximately half of the level measured by the index this time last year.

 XPS Pension Group’s Transfer Value Index continues to remain stable, finishing the month at £161,000. July becomes the third consecutive month where we have seen little fluctuation in the Index. This can be attributed to fewer changes in gilt yields and long-term inflation expectations over the past few months, compared to more significant movements seen over 2022 and the start of 2023.

 93% 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. While the figure represents a slight fall compared to June, it continues the prolonged trend of this index remaining above 90%.

 Helen Cavanagh, Client Lead at XPS Pensions Group’s Member Engagement Hub, said: "Transfer activity levels have declined dramatically over the past five years, and this trend may have been further compounded by more recent falling transfer values. However, we are still seeing that most transfers are made as members approach their retirement and it is clear that transfers remain an important part of the retirement decision making process for many."