Pensions - Articles - Transfer Activity index fell to record low in February 2025

 Meanwhile, XPS Group’s Transfer Value Index remained relatively stable over February 2025, ending the month only slightly lower than at the end of January, at £146,000. This is in line with the previous lowest month-end value recorded in December 2024 and was in part driven by a slight decrease in long-term inflation expectations.

 92% of cases reviewed by the XPS Scam Protection Service in February 2025 raised at least one scam warning flag, according to XPS Group’s Scam Flag Index. This is the highest level seen since June 2024 and marks a significant increase of 4% compared to the prior month.

 Helen Cavanagh, Senior Consultant, XPS Group, said: "The continued decline in transfer activity highlights a notable shift in member behaviour and could point towards a new norm within the transfer landscape. Although we have observed a jump in the Scam Flag Index this month, the average Index over the past 12 months is lower than the peak we observed in mid-2022 following the introduction of the transfer regulations in late 2021.”