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.

Two advice firms have been declared failed by the Financial Services Compensation Scheme this week, including a Financial Planning firm which has 25 pension transfer claims against it, including BSPS cases.

The number of pension transfers rose by 41% in July, the highest level recorded since January.