The transfer value a typical DB pension could fetch fell below £150,000 in October for the first time since last year’s mini budget, according to pensions and SIPP firm XPS Group.

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 proportion of DB transfers showing red flags for a potential scam or poor member outcomes rose to 50% in January.

Pension transfer activity dropped to its lowest level in four years in December.