Pension transfer activity has continued its downward decline, hitting a five year low in July and dropping to half the level seen a year earlier.

XPS Pensions Group is to sell its Master Trust pensions business XPS Pensions (Nexus) Limited to major Master Trust firm SEI for up to £42.5m.

Pension consultancy and SIPP business XPS Pensions Group has reported pre-tax profits up 13% for the past year.

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.