XPS Pensions Group’s Transfer Activity Index shows a slight decrease in March with 38 members per 100,000 transferring out.
According to XPS Pensions’ report on pension transfers for March 2023, this represents a decrease from the previous month and is the lowest level since September 2022.
But XPS’s Transfer Value Index has increased by 4 per cent to £175,000, primarily due to a slight fall in gilt yields during the month. This means that members who choose to transfer their pensions may receive more value for their money.
In addition to these figures, XPS’s Scam Protection Service has reviewed cases in March and found that 90 per cent of them had at least one scam warning flag. This represents a slight decrease from the previous month, but it is still a concerning figure.
XPS urges pension scheme members to be vigilant and to seek professional advice before making any decisions about their pensions.
