Defined benefit transfer values fell by more than a third last year as investor concerns over UK debt drove gilt yields higher, according to new analysis.

The XPS DB Transfer Index rose sharply in July to end the month at £260,000, just short of the record high of £261,500 seen in July 2020.

Defined benefit (DB) transfer values increased by nearly 4% during May and the number of members taking a transfer value rose slightly from the record low observed in April.

Defined benefit transfer values slumped by 3% in March and the number of members asking for a transfer value fell to a record low, according to figures released by the XPS Transfer Watch today.