Pension transfer values have fallen by 6% since the start of 2025, despite only a modest increase in September.

Average defined benefit pension values have fallen to their lowest rates since the XPS Group’s Transfer Watch was established in 2018.

Pension provider and consultant XPS has launched a new tracker to benchmark a typical DC pension pot at retirement against industry living standards.

The number of defined benefit pension transfers in July surged to the highest level since August 2023.