The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.

The transfer value a typical DB pension could fetch fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.

Pensions and SIPP firm XPS Group has reported a 23% growth in revenues to £94.5m for the latest half year.

XPS Pensions Group has completed the £42.5m sale of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), to SEI.