Pension transfer values, as measured by the XPS Pensions Group Transfer Value Index, fluctuated during November 2018, with an overall fall during the month.  

The index was £235,000 at the end of October and £230,000 at the end of November.  
 
The difference between maximum and minimum readings of the XPS Pensions Group Transfer Value Index over November 2018 was £5,400 (or around 2.3%).

Sankar Mahalingham, head of DB Growth, XPS Pensions Group comments: “The decrease in transfer values over November 2018 was due to a rise in gilt yields, around a quarter of a percent.

“This was partially offset by a small increase in inflation over the month.  

“Volatility during October was a little lower than recent months despite heightened uncertainty around the process for Britain leaving the European Union.”
 
The XPS Pensions Group Transfer Value Index tracks the transfer value that would be provided by an example DB scheme to a member aged 64 who is currently entitled to a pension of £10,000 each year starting at age 65 (increasing each year in line with inflation).

Different schemes calculate transfer values in different ways.

A given individual may therefore receive a transfer value from their scheme that is significantly different from that quoted by the XPS Pensions Group Transfer Value Index.