Defined benefit (DB) pension transfer values reached a 12-month low during November 2024, before recovering to their previous month-end position, according to analysis from XPS Group.

XPS Group's Transfer Value Index dropped to £151,000 last month but then increased to £153,000, continuing the index's low and broadly flat trend throughout 2024.

However, XPS Group's Transfer Activity Index saw a marginal increase over November 2024, to an annualised rate of 20 members per 1,000 transferring their benefits to alternative arrangements.

This is only the second time in the past 12 months that the index has been at or above 0.2 per cent.

Meanwhile, XPS Group's Scam Flag Index showed that 89 per cent of cases reviewed by its Scam Protection Service in November 2024 raised at least one scam warning flag.

This represented an increase of 3 per cent compared to October 2024, but overall, the index remained relatively stable, the firm said.

Commenting on the data, XPS group senior consultant, Helen Cavanagh, said: "The trend of lower transfer values continued into another month in 2024, as we observed yet another month of the Transfer Value index remaining steady.

"Although there has been a small increase in transfer activity over the month, transfer volumes continue to be very low. We also note a rise in the number of cases raising a scam warning flag, reminding us of the need to have robust processes in place to safeguard members' benefits."

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