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Pension transfer values drop in November

Invest-Performance-Portfolio-Fixed-Income-Graph-700x450.jpgPension transfer values fell by 2 per cent in November, according to consultancy XPS Pensions Group.

At the end of October 2018 the group’s transfer value index was £235,000 and at the end of November it was £230,000.

The index tracks the transfer value that would be provided by an example defined benefit pension scheme to a 64-year-old client entitled to £10,000 a year pension starting at age 65.

There was a 2.3 per cent, or £5,400, difference between the maximum and minimum readings of the XPS Pensions Group Transfer Value Index over the month.

XPS Pensions Group head of DB growth, Sankar Mahalingham, explains what caused the value drop: “The decrease in transfer values over November 2018 was due to a rise in gilt yields, around a quarter of a percent. This was partially offset by a small increase in inflation over the month.

“Volatility during October was a little lower than recent months despite heightened uncertainty around the process for Britain leaving the European Union,” he says.

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