Pension transfer activity in March dipped to its lowest level since September in 2022.

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.

Defined benefit transfer values fell by more than a third last year as investor concerns over UK debt drove gilt yields higher, according to new analysis.

Defined Benefit pension schemes enjoyed an “unprecedented” £400bn fund improvement in 2022, according to pension consulting and admin firm XPS Pensions Group.