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After an unsteady period, defined benefit (DB) pension transfer values increased to a record high during June and the number of members taking a transfer value rebounded strongly too.

Pension group XPS has reported flat profits for the 12 months ending 31 March at £11.4m but remains positive about the year ahead.

Defined benefit transfer values rose nearly 4% during May with the number of members taking a transfer value also increasing from the record low observed in April.

Defined benefit transfer values slumped by 3% in March and the number of members asking for a transfer value fell to a record low, according to figures released by the XPS Transfer Watch today.

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.

XPS Pensions Group has signed up to support the Valuable 500, a global movement which puts ‘disability inclusion’ on the business leadership agenda.

Transfer valued endured a volatile September, according to the latest data from XPS Pensions Group.
Over 400 trustees and employers of UK pensions schemes attending the XPS Pensions Group’s annual conference last week believe they must “make a difference to climate change”, with 60% of schemes having already moved away from a traditional investment approach.
XPS Administration, part of XPS Pensions Group, has been awarded silver level accreditation by Investors in People the international standard for people management.

XPS Pensions Group (XPS) has appointed Harry Harper as head of risk transfer, the firm has revealed.


The firm says the new hire will “further build upon XPS’s capabilities to engage and assist clients in reaching their end-goal of buyout”.
 
Prior to joining XPS, Mr Harper led JLT’s buyout and buy-in team for two years and prior to that was a member of Mercer’s buyout team.

 

He was responsible for the UK’s first “all risks” insurance transaction, the first buyout from Pension Protection Fund assessment and the first online bulk annuity e-auction.
 
Patrick McCoy, head of advisory at XPS Pensions Group, said: “Harry is a perfect fit for XPS, with his experience of innovative bulk annuity transactions, covering multi billion pound pension schemes down to the more modest regional schemes.

“This will strengthen our offering and ability to serve the full range of pension schemes, to the very highest standard.”
 
Mr Harper said: “I am excited to join XPS, a fast growing and ambitious organisation with a clear aim of putting scheme’s interests at the very front of everything we do.

“I look forward to the opportunity to rapidly drive the pensions risk transfer industry forward.”

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