XPS Pension Group’s Transfer Value Index fell by 4% in February to £168,000, the lowest month-end value since the Index was first published in June 2016.

The number of defined benefit pension transfers with at least one warning sign of a potential scam or poor member outcomes has hit its highest level in five months.

Defined benefit pension transfer values fell by 4% in October - one of the biggest declines seen in several years.

Transfer valued endured a volatile September, according to the latest data from XPS Pensions Group.