XPS Pension Group’s Transfer Value Index fell by 4% in February to £168,000, the lowest month-end value since the Index was first published in June 2016.

The FSCS has declared in default Maidstone-based retirement adviser H&F Financial Limited (FRN 778297).

The FSCS has declared pension transfer adviser Portal Financial Services LLP (FRN501272) as failed after the firm went into compulsory liquidation following a string of complaints.

Pension transfer activity in November was the highest since July 2020 as more pension members transferred between providers.