Defined benefit pension transfer values remained stable over July and finished where they started, according to the XPS Pensions Group Transfer Index.
The reading, both at the end of June and July, stood at £233,000 with the difference between maximum and minimum readings only being £3,200 or around 1.4 per cent.
This contrasts with the end of 2017 when index data showed values ending the year at £236,000.
Some providers have recorded a fall in transfer activity from the record levels seen a year ago like LV= that said new business sales in its life arm were down 5 per cent to £983m.
XPS Pensions Group head of DB growth Sankar Mahalingham says the effect of the Bank of England’s decision to raise the base rate from 0.5 per cent to 0.75 per cent on transfers remains to be seen.
He adds the impact the rate hike will have on longer-dated gilt yields is important to watch as these drive transfer values rather than the base rate.
The move was broadly in line with market expectations, in which case any impact on gilt yields may be muted, he continues.