Pensions consulting and administration business XPS Pensions Group has promoted 147 people including 11 new partners across its actuarial, pensions, investment, covenant, administration and SIPP businesses.

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.