XPS Pensions Group’s Transfer Value Index rose to near-record highs during May 2019 but ended the month at £241,500, from £242,300 at the end of April.
XPS stated that the rise was driven by a fall in government bond yields over the month, partially offset by a fall in inflation expectations.
XPS Pensions Group’s new Transfer Activity Index showed a slight increase in the number of transfers that the administration business processed during May, compared to April.
The firm says the transfers processed “would imply an annual equivalent of 0.94% of eligible members, compared to 0.87% last month”.
Meanwhile the recently launched Pensions Transfer Gold Standard is proving popular with advisers, XPS says.
The PFS has confirmed almost 800 have already signed up since the launch.
The Gold Standard is a set of principles intended to raise the quality and transparency of financial advice on DB transfers.
Mark Barlow, senior consultant, XPS Pensions Group, said: “Transfer values continue to run near record highs and, with the current political uncertainty, it doesn’t seem likely that they’ll fall significantly in the near future.
“There’s been a slight increase in members transferring during May.
“The index seems to be settling at a figure of around 1% of eligible members transferring each year but we will see whether the current high transfer values result in more members taking a transfer in the coming months.
“We are really pleased that the industry appears to be embracing the recently-launched Pension Transfer Gold Standard.
“High quality advice is crucial to ensure that members make the right decision and aren’t tempted by such high values.
“Particularly as we are in pension scams awareness fortnight, any steps to improve the overall quality and transparency of advice has to be a good thing.”