XPS Group’s Transfer Activity Index has hit a record low for the second time this year.
It fell to its lowest level over August 2024, matching 2018 levels, with an annualised rate of 14 members in every 1,000 transferring their benefits to alternative arrangements.
Transfer volumes have remained continuously low for the majority of 2024 except for a brief spike in July 2024.
Meanwhile, according to the XPS fraud Protection Service’s Scam Flag Index, 88 per cent of cases assessed in August generated at least one fraud warning flag. This is a modest decline from the previous month and is consistent with the index’s average level through 2024.
Additionally, the XPS Transfer Value Index fell slightly to £157,000 at the end of August. This Index has been constant throughout 2024, maintaining the same number for eight months.
XPS Group senior consultant Helen Cavanagh says: “We have now witnessed significantly lower volatility in transfer values for over a year, with values over 2024 being particularly stable. However, Transfer Activity has returned to its lowest point since 2018, suggesting that this stable environment may not influence transfer volumes as much as the size of the transfer value itself.”
