The average pension transfer value, as tracked by XPS's Transfer Value Index, fell by 3% to a record new low in October due to declines in long-dated gilt yields.

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.

Pensions and SIPP provider @SIPP has hired Matt Storey from XPS as its new head of business development.

The number of pension trustees who are encouraging members to take regulated financial advice has increased by 9% over the past year.