A slight shift to less expensive SIPPs has resulted in a modest improvement in outcomes for pension scheme members choosing to transfer when compared to last year, according to a new survey.

XPS Pensions Group’s latest survey said 30% of schemes took action to improve outcomes for their members in the past year.

The survey said the average transfer value was £290,000, an increase of around 5% since last year.

The typical transferring member for those surveyed was healthy, financially secure, and more comfortable using online technology than the average defined benefit pension scheme member.

The survey also said that transfer activity has started to pick up since April.

Mark Barlow, partner at XPS Pensions Group, said: “The coming months will be particularly challenging for pension scheme members. A transfer could look very attractive in the current economic environment, but there will be many risks associated with this option.

“Some members will see their jobs come under pressure and the value of other assets such as their home fall relative to the value of their pension. The temptation to access pension savings may increase along with the risk of scams. It is very important that trustees and sponsors assess how vulnerable their members may now be and use this to tailor support. This can include scam protection, the channels they use to communicate with members and education on costs and options.”