The average pension transfer value, as tracked by XPS's Transfer Value Index, fell by 3% to a record new low in October due to declines in long-dated gilt yields.

Advice firm Bartholomew Financial Limited has been declared in default by the Financial Services Compensation Scheme after facing 12 claims from ex-clients.

Typical pension transfer values slumped to an “unprecedented” low of £181,000 at the end of September - a fall of 8% in one month, according to the latest XPS Pension Transfer index.

The Financial Services Compensation Scheme (FSCS) has declared two pension advice firms in default.