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

Defined benefit pension transfer values rose in February with Coronavirus fears spurring the rise, according to the XPS Transfer Watch Index, a monthly study of transfer values.

Pension transfer values remained stable during July new figures have revealed.

Pension transfer values - as measured by the XPS Pensions Group Transfer Value Index - fluctuated “mildly” during June 2018 with a small fall during the month, says the firm.