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DB transfer values reach new high

by Emma Simon
August 28, 2019
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Defined benefit transfer values reached a record high in August, and are now 10 per cent higher than a year ago, according to the latest figures from XPS Transfer Watch. 

With the number of members requesting a transfer continuing to rise, XPS Transfer says means there is now an urgent need for trustees and sponsors to increase support to members who are reviewing their pension options.

XPS Pensions Group’s ‘Transfer Value Index’ jumped to an all-time high of £258,200 on 21 August 2019; up from £247,400 at the end of July 2019. 

This increased was largely driven by a significant fall in gilt yields during August. However XPS Transfer points out the rise could have been even higher, as it was partially offset by a small fall in inflation expectations.

XPS Pensions Group partner Mark Barlow says: “The impacts of recent volatile markets have seen transfer values increase steadily over the last two months, with an all time high in August. 

“Although there is a lot of uncertainty around the future of the financial markets, an increase in transfer values will mean we are likely to see a lot of members investigating their options.

“Trustees and sponsors should ensure that members considering long term irreversible decisions are being provided with sufficient education and support to enable them to make the right decision for their circumstances and financial futures. 

“We would also recommend schemes consider how the substantial changes in market conditions have affected the funding strategy and whether, in light of this, the transfer value basis remains appropriate.”

 

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