Gilt yields and lower long-term inflation expectations are continuing to drive down the value of DB transfers.
XPS Group’s transfer value index recorded a new record low for the second consecutive month in April. During this month the average transfer value fell to £137,000 — the first time this has dropped below £140,000 since this index started. After a slight recovery the index finished the month at £141,000.
XPS also revealed that 83 per cent of cases reviewed by the its Scam Protection Service raised at least one scam warning flag during April 2025 — a slight decline and the lowest figure seen since May 2022, when the impact of the 2021 Transfer Value Regulations began to take full effect.
XPS Group’s transfer activity index saw a marginal increase over April 2025, to an annualised rate of 23 members in every 1,000 transferring their benefits to alternative arrangements. This increase was despite a steady fall in transfer values over the past six months.