The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.

The transfer value a typical DB pension could attract fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.

Pensions and SIPP firm XPS Group has reported a 23% growth in revenues to £94.5m for the latest half year.

XPS Pensions Group has completed the £42.5m sale of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), to SEI.

DB transfer values have fallen by a third since June 2018, according to the latest data from XPS’s Transfer Value Index.

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.

DB transfer values fell 8% in the second quarter, according to the latest data from XPS Pensions Group.

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

XPS Self Invested Pensions has reported that its commercial property assets under administration grew by 87% in the last year, from £800m to over £1.5bn.

Seven in ten pension transfer requests made in March showed indicators according to the XPS Pension Scam Flag Index.