Record DB pension transfer values have pushed up average costs for transferees by 10% in one year.

The XPS DB Transfer Index rose sharply in July to end the month at £260,000, just short of the record high of £261,500 seen in July 2020.

Defined benefit transfer activity increased in June for the third month in a row to high the highest levels seen since July 2020.

Pension group XPS has reported a 5% rise in profit (adjusted EBITDA) for the year ending 31 March and 7% total revenue growth, driven by client demand across the firms pensions divisions.