DB transfer values have continued to fall, down more than 6 per cent since the start of the year, according to XPS Group’s latest Transfer Value Index.
The Index recorded a modest increase in September 2025, but values at month-end remained almost 3 per cent lower than at the end of June. Despite this, the Index has shown signs of stabilising, with month-end figures fluctuating within a £5,000 range over the past six months.
Transfer activity increased slightly during the month, with XPS’s Transfer Activity Index rising to an annualised rate of 18 members in every 1,000 transferring their benefits to alternative arrangements. After a steady start to 2025, XPS said the Index has shown greater volatility in recent months.
XPS Group senior consultant Helen Cavanagh says: “Whilst transfer values have fallen over the course of 2025, we have also seen signs of greater stability over Q3 which is a promising sign, suggesting a more predictable environment for pension decision-making. This is crucial for members approaching retirement as they will be able to make more informed decisions about the options that may be most suitable for them.
“This increased stability may also be having an impact on transfer volumes, which we have generally increase in 2025, despite the small dip in recent months.
“It’s clear that the issue of pension scams is not going away, with the majority of transfers continuing to raise at least one scam warning flag, albeit it in many cases this is the ‘overseas investments’ flag which some may view as a lower risk flag.”