A survey by pensions firm XPS has revealed that each year 70,000 Defined Benefit scheme members are using the Pension Freedoms to leave their schemes - with most shifting their money to a SIPP.

Pension transfer values as measured by the XPS Pensions Group Transfer Value Index increased “substantially” during March, the firm has said.

Pension transfer values as measured by a major provider increased by nearly £5,000 during February before dropping sharply to end unchanged over the month. 

Pension transfer values, as measured by the XPS Pensions Group Transfer Value Index, fluctuated moderately during January 2019, but with no overall change over the month.