Pension scheme surpluses have started the new year on a high despite increases in their liabilities, according to estimates from XPS Pensions Group.

The DB Pensions Transfer Value Index compiled by XPS Pensions increased by 2.6% during November to £156,000, the biggest increase seen since March.

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.