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Monday, 16 July 2018 12:50
Pension transfer values - as measured by the XPS Pensions Group Transfer Value Index - fluctuated “mildly” during June 2018 with a small fall during the month, says the firm.
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Pension transfer values - as measured by the XPS Pensions Group Transfer Value Index - fluctuated “mildly” during June 2018 with a small fall during the month, says the firm. 


The index was £234,000 at the end of May and £233,000 at the end of June.

The difference between maximum and minimum readings of the Transfer Value Index over June was £4,400 (or around 1.9%).

The index tracks the transfer value that would be provided by an example DB scheme to a member aged 64 who is currently entitled to a pension of £10,000 each year starting at age 65 (increasing each year in line with inflation).

XPS points out that different schemes calculate transfer values in different ways so a given individual may therefore receive a transfer value from their scheme that is “significantly different” from that quoted by the index.

Sankar Mahalingham, head of DB Growth, XPS Pensions Group, said: “Transfer values have been stable over the first half of 2018, during which the Index has fluctuated by only £8,300 (or around 3.6%).

“If we compare this to 2017, when in both halves of the year the index fluctuated by £14,000 (or around 6%), we can see that although transfer values remain close to historic highs in 2018, there has been a notable reduction in volatility.

“Given the recent UK political upheaval and its potential impact on the approach to Brexit, coupled with the changing global political climate (for instance in relation to possible escalation of trade wars), it remains to be seen whether this low volatility in markets and transfer values will continue over the coming months.”

XPS Pensions Group claims to be the largest pure pensions consultancy in the UK, specialising in pensions actuarial, investment consulting and administration, with revenues of over £110 million. The parent company is also a significant SIPP provider.

The company works with over 1,200 pension schemes, including 25 with over £1bn of assets, and undertakes pensions administration for over 600,000 scheme members.

 

Nearly 70 companies - including several SIPP providers - have signed up to the Treasury’s Women in Finance Charter including St James's Place, JP Morgan, Investec Asset Management and Yorkshire Building Society.
Cashflow modeller Prestwood Software has unveiled a suite of advanced pension planning tools to help planners engage with clients who are underfunding their pensions.
Research has found that 20% of pension savers aged over 50 have changed their retirement plans because of the Pension Freedoms as the retirement planning sector sees a major change in direction.
Retirees using the Pensions Freedoms are demanding more flexibility on income withdrawal and driving demand for financial advice.
Manchester-based Liberty SIPP has reported revenue up by 35% and assets under management up to nearly £3bn, in its latest annual results.
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