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Pension scheme transfer activity fell by nearly 12% last month according to an industry index, the lowest activity seen for nine months.
XPS Pension Group’s Transfer Activity Index showed an annualised rate of 34 members per 100,000 transferring out of their current scheme to an alternative arrangement in April, the consultancy has said, the lowest since July 2022.
Transfer values fell by nearly 4% during the month, finishing at an average £169,000, a similar level as in February 2023. The consultancy said the fall is mainly down to a slight rise in gilt yields over April, coupled with decreasing long-term inflation expectations.
Gilt yields rose again on Wednesday on the back of higher than expected inflation figures, with the consumer price index coming in at 8.7% in the 12 months to April 2023, down from 10.1% in March.
A high number of scam flags were raised during April, with XPS saying its own service did so in 94% of cases reviewed. This makes April the 11th consecutive month exceeding the 90% mark.
XPS Scam Flag Index
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