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Pension transfer values rise in May

BusinesswomanA fall in gilt yields in the second half of May has lead to a rise in pension transfer values, according to XPS index.

Despite transfer value index fluctuation in May, pension transfer values saw an overall rise during the month.

Figures from the XPS Pensions Group show the index was £232,000 at the end of April and £234,000 at the end of May.

Regulator wants trustees to ‘closely’ monitor pension transfers

XPS Pensions Group DB growth head Sankar Mahalingham says: “Transfer values remain close to historic highs, but have not been very volatile, a trend that we have seen since the start of the final quarter of 2017.”

The XPS value index tracks the transfer value that would be provided by a DB scheme to a member aged 64 eligible for a pension of £10,000 each year from age 65.

The difference between maximum and minimum readings of the transfer value index over May was £5,700, representing around 2.4 per cent.

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