Defined Benefit pension schemes enjoyed an “unprecedented” £400bn fund improvement in 2022, according to pension consulting and admin firm XPS Pensions Group.

Pension transfer activity in November was the highest since July 2020 as more pension members transferred between providers.

The number of fund managers committed to net zero by 2050 has doubled to 81% over the past year but only two in ten (22%) have concrete carbon reduction plans, according to a new report.

The number of pension transfers rose by 41% in July, the highest level recorded since January.