Defined benefit pension transfer values fell during April, according to the Xafinity transfer value index.
The index was £235,000 at the end of March and £232,000 at the end of April.
The difference between the maximum and minimum readings of the index of April was £6,700, or around 2.9 per cent.
Xafinity Punter Southall DB growth head Sankar Mahalingham says the fall in transfer values over the month was mainly due to an increase in gilt yields.
Mahalingham says: “There was more volatility in transfer values during April than in recent months, at almost 3 per cent, though this is still low compared to the volatility we saw during 2017, where in some months the index fluctuated by over 5 per cent.”
The Xafinity transfer value index tracks the transfer value that would be provided by an example DB scheme to a member aged 64 who is currently entitled to a pension of £10,000 each year starting at age 65 and increasing each year in line with inflation.