Defined benefit (DB) pension transfer values remained broadly stable over the final quarter of 2025, XPS Group’s Transfer Value Index has revealed, reflecting calmer market conditions as gilt yields settled following the Chancellor’s Autumn Budget.

The index, which tracks how market movements affect the transfer value of a typical DB scheme member, closed the year unchanged at £141,000.

While transfer values experienced greater volatility in the first half of 2025, XPS said conditions were notably more stable towards the end of the year

Meanwhile, transfer activity dipped slightly in December, with XPS’s Transfer Activity Index falling to an annualised rate of 15 transfers per 1,000 members.

This marked a return to levels seen at the start of 2025, following a modest seasonal increase during the summer months.

XPS also reported a continued rise in scam risk indicators.

Its Scam Flag Index showed that 94 per cent of cases reviewed by the XPS Scam Protection Service in December raised at least one scam warning flag, up marginally on the previous quarter-end.

XPS partner, Robert Wallace, noted that transfer activity had remained subdued but consistent in recent years.

“While transfer activity was subdued at the end of 2025, transfer values have shown signs of stabilising,” he said.

“Activity levels have remained broadly consistent since mid-2023 at around 15 to 20 transfers per 1,000 members each year, with modest seasonal increases typically seen over the summer months.

“Simultaneously, the continued rise in scam warning flags underlines the importance of ongoing vigilance and robust fraud prevention measures."

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