The statistics, as measured by the XPS Pensions Group Transfer Value Index, showed that values finished the month where it started. 

The index stood at £233,000 both at the end of June and the end of July.

The difference between maximum and minimum readings of the XPS Pensions Group Transfer Value Index over July was just £3,200 (or around 1.4%).

Sankar Mahalingham, head of DB growth, XPS Pensions Group, said: “On the 2 August the Bank of England Monetary Policy Committee (MPC) raised the Official Bank Rate from 0.5% to 0.75% - the highest level since 2009. 

“The impact that this will have on longer-dated gilt yields remains to be seen, and it is these that affect transfer values rather than the Official Bank Rate.

“It is likely that the move from the Bank of England MPC was broadly in line with market expectations, in which case any impact on gilt yields may be muted.”
 
The XPS Pensions Group Transfer Value 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).

Different schemes calculate transfer values in different ways.

A given individual may therefore receive a transfer value from their scheme that is “significantly” different from that quoted by the XPS Pensions Group Transfer Value Index.