Pensions - Articles - Transfer Value Index continues historic low for second month

 Although the position recovered slightly over the second half of the month, the month-end position of £141,000 was a new month-end low. The drop in the Index was driven by continued volatility of gilt yields and falling long-term inflationary expectations.

 83% of cases reviewed by the XPS Scam Protection Service raised at least one scam warning flag during April 2025, according to XPS Group’s Scam Flag Index. This slight decline in the Index was the lowest figure seen since May 2022, when the impact of the 2021 Transfer Value Regulations began to take full effect.

 XPS Group’s Transfer Activity Index saw a marginal increase over April 2025, to an annualised rate of 23 members in every 1,000 transferring their benefits to alternative arrangements. This increase was despite a steady fall in transfer values over the past six months.

 Helen Cavanagh, Senior Consultant, XPS Group, said: "Despite last month’s dip in transfer values – reflective of continued market volatility – the slight rise we saw in transfer activity suggests that members remain engaged and proactive in managing their retirement options. It is also positive to see that scam warning flags fell to the lowest observed level in nearly three years, suggesting progress in protecting members from pension scams."